Losing a loved one is an incredibly challenging time. While grieving, there are essential tasks that need to be completed to ensure everything is in order. Here’s a comprehensive checklist to help guide you through this difficult period.
What TO Do:
1. Contact the Funeral Home
- Make arrangements for the funeral.
- Consider veterans arrangements if applicable.
- Request multiple copies of the death certificate. On average, six to ten copies are needed.
2. Consult Your Attorney
- Address any legal matters.
- Your attorney can provide specific guidance relevant to your situation.
3. Notify Social Security
- Inform Social Security of the passing to adjust benefits accordingly.
4. Review/Cancel Health Insurance
- Contact the insurance provider, especially if it’s through a former employer.
5. Inform Pension Companies
- Depending on the pension plan, you may be eligible for benefits. Contact the pension company for details.
6. Notify Life Insurance Companies
- File a claim as soon as possible to access funds needed for expenses.
7. Contact the Department of Veterans Affairs
- If the deceased was a veteran, check for any payable benefits.
8. Notify Financial Institutions
- Update account names at banks.
- Remove the deceased from credit cards and close unnecessary accounts.
- Inform mortgage companies and other important billers.
9. Consult Your CPA
- Discuss tax-related issues specific to the current year.
- Consider hiring a CPA if you haven’t already.
10. Contact Your Financial Advisor
- Change account titles.
- File beneficiary paperwork for IRAs, 401(k)s, etc.
11. Update Title on Assets
- Retitle assets such as real estate and cars.
- Visit the DMV with a death certificate and title for cars.
- Consult an attorney for real estate transfers.
12. Prepare and Probate the Estate
- If the estate requires probate, the executor will need to be appointed by the court.
- The executor handles estate assets, debts, taxes, and property distribution.
- Seek assistance from a CPA or attorney for this process.
13. Update Your Own Estate Plan
- Update beneficiaries on accounts, insurance policies, and estate documents.
What NOT To Do:
1. Don’t Make Big Decisions Immediately
- Avoid making snap decisions about selling property or moving.
- Give yourself time to adjust to your new situation.
2. Don’t Make Major Purchases
- Focus on your finances and avoid excessive spending.
3. Don’t Be Quick to Give Away Money or Possessions
- Understand your new financial situation before making large gifts.
- Be cautious with giving away possessions to avoid family conflicts.
Having a checklist can help you navigate this challenging time and ensure that necessary tasks are completed efficiently, preventing additional stress during your period of grief.
For more in-depth details and information, download our FREE fact sheet below.
https://dpwcpas.com/wp-content/uploads/DPW-Estates-checklist.pdf
