Benjamin Franklin said there’s two things certain in life: 1) Death and 2) Taxes. Almost all of us have experienced death in our families. It’s not a matter of if we die but when. Are you prepared to leave a financial legacy for your family? Have you set beneficiaries on your bank, investment accounts, 401(k) account or your home? Do you have a will? Do you need a trust to avoid probate? In the past, we’ve discussed everyone should have a legacy drawer, where your family can go to a specific place in the house and find all your information so when you pass away, it will be easier for your family to handle your final arrangements.
The reality is that we all we face death. Below are 16 things to do upon death of a family member. Most of these are common sense but overlooked during this painful time of mourning. LesWin Financial will be releasing a ebook describing these 16 tasks in further detail. This is a resource that every family will need.
1. Order 15-20 copies of death certificates (funeral directors normally handles this). Each copy is $13 from Office of Vital Records. Institutions, creditors and government agencies will only want certified copy.
2. Notify Social Security Office (If your loved one is receiving Social Security, you want to make sure your loved one is not over paid)
3. Consider if your loved one was in military. If so, contact Veteran Affairs or Defense Finance and Account Services (DFAS). If your loved one was not a U.S. citizen, contact Immigration office.
4. Take care of Medicare Issues. If loved one received Medicare, Social Security will contact Medicare program. If loved one was enrolled in Medicare prescription drug (Part D) contact plan on membership card to cancel insurance.
5. Check work employment benefits (i.e. Life insurance, pension, 401(k), paid time off)
6. Notify health insurance company or employer about the death
7.Notify life Insurance company about the death (what type of life insurance was it – term, whole or variable life?) Who are the beneficiaries, how much will company pay?
8. Contact insurance company to consider adjust terminating other insurance policies (Auto, Home, and Disability insurance)
9. Make a list of outstanding debts and bills (mortgage, automobile, cable, credit cards)
10. Inventory the estate to determine what assets were owned at time of death (contact banks and CPAs) If necessary, a tax return will need to be done
11. Close credit card accounts of your loved one. Submit death certificate.
12. Contact credit report agencies. (Equifax, Transunion, and Experian) Provide death certificate to all 3 credit agencies to avoid identity theft. Check later to make sure no fraud happens. Request credit report of loved one immediately after death.
13. Cancel driver’s license (Remove name from Dept. Motor Vehicle to avoid identity theft. Provide death certificate.
14. Close email and website accounts. Close social media accounts. Avoid fraud/identity theft. Provide death certificate. Cancel any shopping or entertainment account that has deceased credit card information for example Amazon. Social Media – Facebook, Instagram, Twitter. Close down by providing death certificate. Check recent credit card statement to transactions.
15. Cancel memberships in clubs and organizations.
16. Contact CPA – to complete Tax Return of deceased. CPA’s will always want date of death value. Account value of checking or value of house on date of death or investments.
Do you have a will or trust in place? LesWin Financial have partnered with World Financial Group and Legacy Shield out of Jacksonville, FL. You can setup a will and trust virtually with their attorneys and attorney representatives
The wills cover the following for $99.95 to setup: Last Will and Testament, Healthcare Surrogate, Durable Power of Attorney, Living Will, and Letter of Intent. If you have any questions regarding the wills and trust, please contact me as I can further assist. You can’t afford to not have a will any longer.
For more information on the wills and trust contact, email us at sherwin@leswinfinancial.com or 877-203-4679
