A family member’s death is a difficult time. It can also lead to many financial decisions that are necessary to support the surviving family members.
It can be overwhelming to plan ahead and manage all of the details. To reduce stress, here are some simple steps to help minimize it.
Seek Help from the Professionals
To get started, contact a financial advisor for a free consultation.
Estate planning is a process that involves creating an estate plan and setting up a trust. This can be done using a will or a revocable trust.
If a spouse previously named a power of attorney or medical power-of-attorney, the surviving spouse should now contact their attorney to change their designation.
Get Necessary Paperwork Together
Follow this process to get a certified copy of the death certificate. Photocopies are usually not accepted by insurance companies.
If required, you should also get a certificate of appointment to act as the personal representative of the estate.
Follow these steps to consolidate all of the accounts associated with the individual. Open an estate checking account to pay bills and receive assets from the settlement of the estate.
You can also find a local notary to complete the necessary steps. Some of the paperwork may require a medallion signature guarantee.
Update Your Financial Accounts
You can also update the beneficiary designations and ownership of joint financial accounts by contacting various financial organizations.
To close a single-owner financial account, contact the bank or another financial institution to transfer the account’s assets. Also, update the beneficiary’s names and insurance policies to prevent them from being stolen.
Update and Manage all Real Assets
Follow the steps to ensure that the assets of the deceased person will be maintained after the settlement of their estate.
Explore Third-Party Benefits
You can also receive survivor benefits from the Social Security Administration. Also, be sure to contact the former employer for details about their retirement plan and other benefits. You can also look into the burial costs of former military service members.
You Aren’t Alone; Support is Available
Your financial advisor can help you plan for the future and minimize the financial implications of experiencing a death.
If someone you know has experienced a significant loss, consider referring them to a financial advisor. According to a study, 4 in 10 people believe that their financial advisor can help them manage their financial situation.