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The death of a loved one is an emotional challenge to deal with. To add to the loss, you may be tasked with the overwhelming responsibility of managing the deceased person’s estate and/or making tough decisions regarding a funeral or more. If the death happened unexpectedly, making legal and financial decisions regarding a loved one’s assets may be confusing. Here are some steps to take after a loved one dies:
Request Copies of the Death Certificate
You will need multiple copies – sometimes as many as ten or more – of the death certificate As you move through the process of managing your loved one’s affairs, it is very likely that numerous financial and government institutions, ranging from banks to insurance services, will not talk to you, or take meaningful action regarding your loved one’s affairs, without an original or copy of the death certificate.
Close Accounts and Investigate Benefits
Once you have copies of the death certificate, you will need to open a Probate Administration in order to have legal authority to take action to close the deceasent’s checking and credit card accounts. You will also need to ensure that any automatic payment withdrawals are ceased.
This is also the time to investigate benefits. If your loved one was receiving benefits at the time of death, for example, Social Security benefits, you will need to inform the administration of death immediately. Your loved one may also be eligible for payable-on-death [POD] benefits through organizations or insurance policies. In most cases, unless you have been appointed by a Probate Court of competent jurisdiction as the Personal Representative [fka Executor] these institutions may not communicate with you.
You should also contact anyone financially responsible for your loved one’s affairs. For example, if your loved one worked with an investment banker, they should be notified of the death. In most cases, unless you have been appointed by a Probate Court of competent jurisdiction as the Personal Representative [fka Executor] these financial advisors cannot provide you with information on their holdings/investments. If your loved one worked with an estate planning attorney who managed their legal affairs, the attorney should be contact immediately.
Get Financial Documents in Order
Some people have a Last Will and Testament, as well as numerous other legal documents that address how their estate will be managed at the time of their death. If you know where copies of these financial documents are, begin organizing them. You may also need numerous other documents, such as bank account statements, a list of passwords for online accounts, copies of a title or deed, and more.
Contact a Westport Attorney or Canton Attorney
If you are the nominated personal representative [fka executor] of the estate, you may need to open a Probate Administration in the County in which your love one resided before their death.
Managing the estate of a loved one after their passing is a challenging and emotional task. To guide you through the process of dividing and distributing an estate, understanding probate, and paying creditors, contact an experienced Probate attorney.
Patricia Bloom-Mcdonald has offices located in Westport, Massachusetts and Canton, Massachusetts. She is not only an estate planning attorney but has extensive experience as a Probate Attorney. She has the experience and compassion that you are looking for when you need legal counsel after losing a family member. To schedule a consultation with her to discuss your loved one’s financial and legal affairs, and what you should do moving forward, call 508-646-9888 today. You can also visit her website at www.McBloomLaw.com to learn more about her and her other legal expertise.