Beyond the funeral, memorial service and figuring out the immediate tasks of handling the death of a love one, lies the void of a life without their caring presence. In between these pieces is a wealth of activities and paperwork to manage the final affairs of someone close. Many of these tasks can wait a few days or even a few weeks but knowing what they are will help take the stress away. There will be less of a chance you will have something fall through the cracks if you have a list to refer to and know what you may be looking for in the personal effects of your loved one.
Here’s a list to work from when you need it:
Death Certificates – The funeral home will often handle getting the initial document from the town. Be sure and request several original copies. I suggest ten so that you never have to wait for one when a financial or legal institution requests a death certificate.
Write a list of Assets and Debts, including the estimated values - This list is good for the accountant, courts and lawyer for settling the deceased estate. Also, this is a reminder for you if you have included everything.
Find their Will – If the will is not available, notify their lawyer who devised it in case they have insight into the trust or division of assets.
Notify Social Security – Often the funeral home will do this. Social Security is most important for those who were collecting monthly income because:
Cancel future payments to deceased
Receive the $250 burial amount
Notify Bank – The deceased checking accounts should not be used after death. So the two immediate issues are:
Close out accounts per will
Cancel any autopays
Clarify the Car Ownership - Find the title to the car or other vehicles. No one should be driving them without proper insurance and ownership.
Cancel Health Insurance – Seems obvious but someone has to take the step to do it. The estate may be entitled to a refund.
Find Life Insurance Policies – If the deceased had insurance, someone needs to follow up and make sure the details are handled.
Notify company and update addresses and information
They will need a death certificate (as well as most contacts involving disbursements of money)
Contact Retirement Accounts - They will want a death certificate.
401(k) and IRA’s will distribute according to the beneficiary instructions
Defined Benefit Pension Plans may or may not provide benefits to survivors
Manage Real Estate - All taxes and bills must be paid on the property in a timely manner.
Find deeds if available so they can be changed to survivors per will
Contact Investment Institution – Other investments will be distributed per the will or by state law if there is no will. The company will need to be contacted.
Notify Credit Cards – All credit card transactions need to stop. For final estate numbers, a balance will be needed.
Pay Bills - The estate is responsible for the bills and debts of the deceased (except for student loans). Notify the companies such as utilities, phone and others of the death and clarify that they will be paid by the executor. If there is not enough money to pay all the bills, the final accounting and court decides what happens. It is not the personal responsibility of the executor.
Talk to the Accountant – Current year taxes will have to be filed. In addition, depending on the size of the estate, there may be estate tax forms to file.
Keep A Paper Trail - Anything related to burial expenses, travel expenses for executor, and all paperwork and expenses related to settling the estate are important for a final accounting.
Much of this financial detail work is the same no matter how much or how little someone has. All of it is time consuming. But this needs to be done. Being prepared is the best way to make this transition go smoothly.
