Navigating Financial Affairs After a Loved One's Death
“It can be hard to move through your daily life after someone you love dies. It may be even harder to embark on the complex tasks required to put their financial affairs in order. However, you can't afford to put that off.”
When a member of a family dies, it falls to the people left behind to pick up the pieces. Someone has to find out if the person left a last will, get the bills paid, stop Social Security or other automatic payments and file final tax returns. This is a hard time, but these tasks are among many that need to be done, according to the article “How to manage a loved one’s finances after they die” from Business Insider.
Identifying the Executor and Taking Charge
This year, more families than usual are faced with the challenge of taking care of the business of a loved one’s life while grieving a loss. When death comes suddenly, there isn’t always time to prepare.
The first step is to determine who will be in charge. If there is a will, then it contains the name of the person selected to be the executor. When a married person dies, usually the surviving spouse has been named as the executor. Otherwise, the family will need to work together to pick one person, usually the one who lives closest to the person who died. That person may need to keep an eye on the house and obtain documents, so proximity is a plus. In a perfect world, the person would have an estate plan, so these decisions would have been made in advance.
Importance of Timely Action
Handling Social Security, Insurance, and Financial Institutions
Notifying Relevant Agencies and Companies
Dealing with Credit Card Fraud Prevention
Securing Physical Assets and Property
Ensuring House Security and Inventory
Addressing Tenants and Housemates
Distribution of Accounts with Beneficiaries
Executor's Role in Notifying Institutions
Filing Final Tax Returns
Meeting the Deadline and Completing Prior Year Taxes
Seeking Professional Assistance in Estate Management
Hiring an Attorney or Fiduciary for Support
Estate Planning Legacy Planner
Everyday, we work with people who have lost someone they care about. There is so much these folks have to organize and manage. This planner organizes the information they will most need, in our experience, saving so much time and unnecessary cost. Besides organizing your information, it's so important to have a good estate plan that will keep your family out of court and conflict.
Please use the button below to receive a free copy of our Estate Planning Legacy Planner, an organization tool essential to any estate plan designed to help your loved ones take care of you and handle your affairs.