Dealing with the death of someone we love is a stressful without the additional worry of addressing financial and legal matters. To make the process easier, here is a checklist of financial and legal matters you should deal with after a loved one’s death. This list is not all-inclusive, but the list does include critical steps that should be taken.
- Order Copies of Death Certificates. Many financial institutions, life insurance companies, government agencies, and the Probate Court, to name a few, will require a certified copy of the death certificate before settling the deceased’s accounts, you should order multiple copies to provide to each of the different institutions or agencies.
- Freeze the Deceased’s Credit. Contact the credit agencies and freeze the credit of your deceased loved one to protect against identify theft.
- Locate the Will and/or Trust. If your loved one made a Last Will and Testament or Revocable Trust, you will need to locate the document(s) and put them in a safe place until you are able to begin the probate process, if necessary, or the successor trustee is able to begin the process of settling the estate. Places you might find the original if it was not given to you include the following: safe deposit box, home safe, file cabinet in office, fire box, the deceased’s attorney’s office, or the probate court in the county in which the deceased lived.
- Schedule an Appointment with an Attorney. Schedule an appointment with an attorney if probate is necessary to discuss the process for settling the estate. Be sure to bring the Last Will and Testament, if one exists, and any Revocable Trust to this meeting. It is also helpful to bring a list of any property, accounts, the death certificate, etc. your loved one owned at the time of death.
- Probate the estate. If you determine that probate is necessary, begin the probate process so that the estate can be settled.
- Notify financial institutions. Notify banks, life insurance companies, and government agencies of the death of your loved one. Each institution will have different processes they require to close accounts, pay benefits, etc. Many financial institutions have departments who deal with estate resolution and they will open the case to provide you any forms and paperwork they will require you to complete and submit to them. When contacting Social Security, discuss with them the one-time death benefit as well as whether the surviving spouse or children are eligible for survivor benefits.
- Cancel or Transfer Accounts. Following someone’s death, you should contact utility companies, credit card companies, and other companies with which the deceased had memberships. For each such account, determine if you wish to cancel it or transfer it to someone else.
We work with individuals and families create estate plans and to probate estates. Each individual’s needs are unique and this article only provides an overview of steps you should take after the death of a loved one. For more detailed information and to discuss your specific case, call us today at (678)781-9230 to schedule an appointment.
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This Blog/Web Site is made available for educational purposes only as well as to give you general information and a general understanding of the law, not to provide legal advice. By using this blog site you understand that there is no attorney client relationship between you and Grissom Law, LLC.