By Mark Gullotta on March 4th, 2021 in
How do I Organize Financial Accounts After Death? If you are dealing with the death of a loved one, Mark Gullotta can help ease the process.
Organizing Financial Accounts After the Death of My Loved One
Within days or weeks of the death of the family member, you will need to do the following:
- You will need to request death certificates for the deceased family member. You can do this through the Vital Statistics office where the death occurred or through the funeral home. Also, you will need several copies of the death certificate. Life insurance companies, banks and other financial institutions, and government agencies will all need a death certificate.
- Probate the estate. If you are the named executor, you will take the will (if one exists) to an estate attorney who can help you through the process. If the family member died without a will, state law provides a list of those potential personal representative.
- Contact an tax preparer to find out whether a final income tax return or estate tax return should be filed.
- If the deceased had investments, you will contact the investment adviser for information on the financial accounts after death.
- You will need to contact the bank to find financial accounts and safe deposit boxes.
- If the person had life insurance, you will need to contact the life insurance agent to obtain claim forms.
- Social Security should be notified. Also, if the person was collecting Veteran’s or other government benefits, you will need to stop payments. Then you may inquire as to applicable survivor benefits.
- If the person was collecting a pension, notify the pension agency. Stop monthly checks and obtain claim forms.
- Don’t forget recurring monthly charges like gym memberships, home security systems, or club membership dues.
- If the decedent’s home will be vacant, request a periodic check up on the house from the local police department.