Navigating the Death of a Loved One
Losing a loved one can be an overwhelming experience. In addition to the emotional toll, for the executor of the estate, there are a surprising number of important tasks — and paperwork — that must be taken care of in a timely manner. Obtaining proper assistance and staying organized will help with the process. We’ve created the following checklist to serve as a helpful guide during a stressful time.
Locate estate planning documents
- These may be at home, with a lawyer or financial advisor, or in a safe deposit box
- Consult with trustees, personal representatives, and guardians named in the documents
Contact attorneys, financial advisors and tax preparers for the decedent
- Advisors generally have insight that will be helpful, and can assist with probate, estate administration, and tax preparation
Obtain certified copies of death certificate
- This can often be done through the funeral director
- Obtain at least a dozen copies, as they will be needed by multiple entities
Contact the Social Security Administration to determine potential survivor benefits
If the deceased was a veteran, contact the Department of Veteran Affairs to determine benefits that may be available to you
Notify your love one's current and former employers and learn more about existing benefits, including:
- Potential health insurance continuation, if necessary
- Any existing pension
- Life insurance
- 401k or other retirement benefits
Notify insurance companies to discuss continuation of coverage and claims
- Automobile, property, life, and health insurance
Update the name on property and ownership titles, and for all accounts, including:
- Homeowner and auto insurance, beneficiary designations, bank accounts, investment accounts, and credit cards
Contact major credit bureaus to avoid fraud
- They will place a notification in the credit report that says “deceased — do not issue credit”
Contact service providers and ensure continuation of service where necessary
- Banks, credit cards, mortgage companies, and other companies and organizations that issue bills
- Cancel any services you no longer need
- Accounts may need to be closed or put into your name
Take inventory of social media and email accounts
- If possible, close the accounts or strictly limit access to help prevent identity theft
Complete an unclaimed property search for the decedent at the state level
Assess income and expense changes
- Meet with your financial advisor to plan for the future and make adjustments
Update your own estate plan
- You may want to make changes to beneficiary designations, including IRAs
Avoid making major decisions and major purchases
- While certain tasks must be handled, others can wait until you have had time to grieve
- Take the time you need to adjust to your new situation and determine next steps
While not exhaustive, we wanted to provide a useful guide. Additionally, should a loved one be suffering from a terminal illness, it may be beneficial to identify and locate documents, passwords, account details, and key advisor contacts in as early a manner as is feasible. Having an up-to-date will and estate plan is a good idea for everyone. Find more on this topic in my recent article, Titling Assets.