Perspectives

Losing a loved one can be an overwhelming experience. In addition to the emotional toll, for the executor of the estate, there are a surprising number of important tasks — and paperwork — that must be taken care of in a timely manner. Obtaining proper assistance and staying organized will help with the process. We’ve created the following checklist to serve as a helpful guide during a stressful time.

Locate estate planning documents

• These may be at home, with a lawyer or financial advisor, or in a safe deposit box
• Consults with trustees, personal representatives, and guardians named in the documents

Contact attorneys, financial advisors and tax preparers for the decedent

• Advisors generally have insight that will be helpful, and can assist with probate, estate administration, and tax preparation

Obtain certified copies of death certificate

• This can often be done through the funeral director
• Obtain at least a dozen copies, as they will be needed by multiple entities

Contact the Social Security Administration to determine potential survivor benefits

If the deceased was a veteran, contact the Department of Veteran Affairs to determine benefits that may be available to you

Notify your love one’s current and former employers and learn more about existing benefits, including:

• Potential health insurance continuation, if necessary
• Any existing pension
• Life insurance
• 401k or other retirement benefits

Notify insurance companies to discuss continuation of coverage and claims

• Automobile, property, life, and health insurance

Update the name on property and ownership titles, and for all accounts, including:

• Homeowner and auto insurance, beneficiary designations, bank accounts, investment accounts, and credit cards

Contact major credit bureaus to avoid fraud

• They will place a notification in the credit report that says “deceased — do not issue credit”

Contact service providers and ensure continuation of service where necessary

• Banks, credit cards, mortgage companies, and other companies and organizations that issue bills
• Cancel any services you no longer need
• Accounts may need to be closed or put into your name

Take inventory of social media and email accounts

• If possible, close the accounts or strictly limit access to help prevent identity theft

Complete an unclaimed property search for the decedent at the state level

Assess income and expense changes

• Meet with your financial advisor to plan for the future and make adjustments

Update your own estate plan

• You may want to make changes to beneficiary designations, including IRAs

Avoid making major decisions and major purchases

• While certain tasks must be handled, others can wait until you have had time to grieve
• Take the time you need to adjust to your new situation and determine next steps

While not exhaustive, we wanted to provide a useful guide. Additionally, should a loved one be suffering from a terminal illness, it may be beneficial to identify and locate documents, passwords, account details, and key advisor contacts in as early a manner as is feasible. Having an up-to-date will and estate plan is a good idea for everyone. Find more on this topic in my recent article, Titling Assets.