Short On Time? Here’s a Quick Summary:
- After a loved one passes, gather important documents such as the will, Social Security number, account statements, deeds, and any estate planning documents to settle the estate efficiently.
- Address immediate needs by arranging the funeral, obtaining multiple death certificates, contacting the loved one’s workplace for benefit details, and speaking with an attorney about legal and financial obligations, including probate, if necessary.
- Resolve financial matters by notifying creditors, handling recurring debts, contacting insurance and retirement plan professionals, and addressing any tax implications, particularly if inheriting assets.
When you lose a spouse, partner, or parent, the grief can be overwhelming. During that grief, life goes on. There are arrangements to be made and things to be taken care of – and in recognition of this reality, here is a checklist that you may find helpful at such a time.
Gather Essential Documents:
- A will, a trust, or other estate documents. If none exist, you could face a longer legal process when settling the person’s estate.
- A Social Security card/number. Generally, the person’s Social Security number will be retired shortly after death. If you are uncertain, consider checking with the Social Security office.
Additional Essential Documents:
- Any account statements
- Deeds/titles to real estate
- Car titles or lease agreements
- Storage space keys/account records
- Any bills due or records of credit card statements
- Any social media platform information, if applicable
Lastly, look for a computer file or printout with digital account passwords. Before their loved one’s passing, some family members may try to centralize all this information or state where it can be found.
In addition, see if the person left a letter of instructions. A letter of instructions is not a legal document; it’s a letter that provides additional and more personal information regarding an estate. It can be addressed to whomever you choose, but letters of instructions are typically directed to the executor, family members, or beneficiaries.
Immediate Needs:
- Contact a funeral home to arrange a viewing, cremation, or burial according to the deceased’s wishes.
- Call or email the county clerk or recorder to request 10 to 12 death certificates; a funeral home director can often help you. (Counties usually charge a small fee for each copy issued.) Ten to 12 copies may seem excessive, but you may need that many while working with insurance companies and various financial institutions.
- If the person is still working, contact the human resources officer at your loved one’s workplace to inform them what has happened. The HR officer might need you to complete some paperwork about retirement plans, health benefits, and compensation for unused vacation time.
- Consider speaking with an attorney—this can be the lawyer who helped your loved one create a will or estate plan. Should your loved one pass without a will, you may want to contact a lawyer for an overview of how the probate process will work and to see to what degree you might become liable if your loved one has any outstanding debt obligations.
- Resolve to track any recurring debts your loved one had set to autopay. Consider placing the monthly bills for these debts in your name (or another family member or the executor).
Notify creditors and credit card companies that were part of your loved one’s credit history. Creditors may want to know when existing debts will be paid, either by you or your loved one’s estate. You can also notify the “big three” credit bureaus – Experian, Equifax, and TransUnion – of their passing, usually done online, over the phone, or by letter.
Address Financial, Insurance, & Credit Matters.
- Investment and retirement plan accounts and insurance policies should have beneficiaries, so contact the financial and insurance professionals who helped your loved one and the person overseeing their workplace retirement plan. Talk with these professionals about the tax implications of inheriting these assets.
- State and federal taxes for your loved one will also need to be paid and possibly other taxes for the year of their death.
If you’re navigating the complexities of settling a loved one’s estate, Dean has the experience and expertise to guide you through every step. Let us help ease the burden during this difficult time.