Losing A Loved One
Handling Finances
Losing a loved one is difficult on its own, but it also comes with a long list of new financial responsibilities. Knowing where to begin can be hard, so we’re covering a few major areas to learn about and help get you started.
Securing the Death Certificate
One of the most important and time-pressing responsibilities will be gathering copies of the death certificate. Most funeral homes will help you obtain one, but be reminded that you will need multiple copies throughout this process. We recommend starting with 5 certified copies, and additional copies can be purchased from the county records office where the death was recorded. This can roughly take up to 10 days after your loved one has passed, but special circumstances can greatly extend the timeline.
Gather Documents
Along with copies of the death certificate, you’ll need a variety of other identifying paperwork such as Social Security numbers, proof of address, property deeds, and more. We also recommend gathering as many insurance forms, bills, and financial statements as you can find. In certain cases, you may need to acquire a Letter of Testamentary. Visit our full Resource Library for more information on this process.
Contact A Probate Attorney
Before contacting any financial partners and distributing estate assets, you should consider if you’ll need the help of a probate attorney. Probate refers to the process of administering an estate or reviewing it by a court. This includes paying all of the estate’s debts and properly distributing its assets. If you are unsure if you will require the help of a probate attorney, we recommend consulting with one before taking any steps toward distributing the estate’s assets. Probate attorneys will evaluate the estate’s requirements and help gather the right documentation to confirm your authority to honor your loved one’s wishes for the estate.
Notify Financial Partners
Once you’ve gathered the necessary documents, begin reaching out to key financial partners such as:
Probate (aka trust or estate) attorney
Banks and other financial institutions
U.S. Postal Service
Social Security Administration
Qualified tax accountant
This step is very important and time-sensitive, as delaying notification can result in issues like fraud, mail theft, and delinquent accounts. Each of these partners will require a variety of identifying paperwork, so come prepared with identification of your own, alongside the documents you’ve gathered for your loved one.
Some helpful tips:
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Redirecting mail can be a great indicator and tool for finding accounts you were unaware that your loved one held. USPS will pass the new address to businesses that have a relationship with your loved one, which will notify you via a mailed change-of-address notification.
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Any benefits paid by the Social Security Administration to your loved one will need to be returned if they were received during the month the death occurred. Contact the Social Security Administration as soon as possible to avoid having to handle repayments.
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Hiring a qualified tax accountant can be greatly beneficial after wrapping up your loved one’s estate. They can help handle any final property, income, and estate taxes that may be due, and will counsel you on gathering the required information.