Losing a loved one is oftentimes emotional and complicated. First and foremost, you’ll want to take care of yourself and your family, ensuring there is proper time and space to grieve. While grieving, you’ll also need to go through the process of managing the deceased’s financial affairs, which can be complex.
Working with a trusted financial partner can help lessen your burden and make this difficult process a little easier. You can talk through key steps together and lean on your partner for support when needed. Here’s a roadmap to follow as you get started with this process:
Visit with the funeral home
If you’re planning on holding a funeral or celebration of life, be sure to visit with the funeral home as soon as possible after the death of your loved one to help with planning. Often, the funeral home will also assist in ordering the death certificate.
Locate the will
It is important to find the original will, which should be stored in a safe and accessible place. If you are unsure of its whereabouts, you may want to contact the executor or estate attorney. It’s notable, however, that a large number of people don’t have wills1. If that’s the case in your situation, visit with an attorney to learn about the laws of your state to determine how to distribute any remaining property.
Alert interested parties
Let banks, creditors, landlords, employers, life insurance companies and others know about the passing. Find out how various accounts are titled and what happens to these accounts now. It is important to know if any beneficiaries are listed to spare the survivors from dealing with the delays and expense of probate.
Take inventory of the estate
After locating a will, if one exists, and alerting important stakeholders, you should evaluate all of the deceased’s assets and determine ownership.
Update legal documents
This step includes reviewing your own power of attorney documents, healthcare directives and more to make sure everything looks right. If needed, work with a legal partner on any necessary updates.
Notify credit reporting agencies
You’ll want to assess any outstanding debts or open accounts to close out. Contacting any of the major credit reporting agencies (TransUnion, Equifax or Experian) will also help curb potential identity theft, as it’ll put the agencies on alert for any suspicious financial activity in your loved one’s name.
Of course, it’s also important to make plans while your loved ones are still around to help alleviate the guesswork later. You’ll want to work with a legal partner on a thorough estate plan. Plans should be reviewed for accuracy and potential changes as often as you would like, but at a minimum once every three to five years or when a significant life event occurs. As part of your loved one’s estate plan, make sure a will is established, and select an honest and reliable executor or personal representative.
Finally, be sure your loved ones keep financial inventories to help others manage their affairs after passing. These logs should contain bank and investment account information, retirement benefits, Social Security award letters, bank statements and other important documents. Your trusted financial partner can help make sure everything is in order, giving you peace of mind.