What to Do After Losing
a Loved One
by Claudette E. Paäge
When a loved one dies, your life will suddenly change as you take
on new responsibilities. You should make choices carefully to
avoid making a bad time even worse, and have a fresh look at arranging
your own affairs.
One of your first tasks should be to call the lawyer and accountant
of the deceased who will advise you on what to do next. Meanwhile,
gather vital records for the deceased such as the birth certificate,
marriage certificate, military discharge papers, social security
number, records of personal property, bank accounts, investments
and real estate owned.
Once these papers are in hand – along with the death certificate
– more phone calls need to be made:
Employer or Union (past or current). If the deceased
was still working, the survivor may be due benefits like life
insurance, bonus and vacation pay. If this person was collecting
a pension, payments may now go to the surviving spouse.
Social Security Administration
(www.ssa.gov). If the deceased left a surviving
spouse and/or unmarried children under 18, they may be eligible
for monthly benefits.
Veteran’s Administration
(www.va.gov). Assuming the deceased was in the
military, the VA may help with burial expenses and determine whether
a national cemetery can be used.
Insurance Company. You’ll
want to know about any insurance payoff that is due.
Assets. Inventory
personal property like bank accounts, life insurance policies,
401K plans, investment accounts, jewelry, fine art and real estate.
Creditors. Some
creditors, like credit card and mortgage companies, provide life
insurance for their customers. Check to see if the deceased was
enrolled in such a program.
Finally, it’s time to review your own affairs. A lawyer
or financial advisor can help ensure your wishes are followed
with minimal impact from taxes and legal fees.
.
Will. Be sure to
name an executor who is responsible since this person will carry
out your wishes when you’re gone.
Guardian. Choose
a guardian(s) for your minor children. Make appropriate financial
provisions for them. Also, write a letter to the guardian(s) stating
how you want your children to be raised.
Trust. Consider
setting up a trust to manage assets for the future benefit of
your beneficiaries. Designate a trustee to run the trust.
Health Care Directives.
Prepare a living will and health care proxy to explain your wishes
concerning measures you want taken to artificially sustain your
life.
Power of Attorney.
Select a power of attorney to make decisions on your behalf if
you become incapacitated.
Insurance. Review
your insurance needs. Choose primary and contingent beneficiaries.
Bank Accounts and Pension Plans.
Review and update your beneficiary designations.
Organize and Inventory All Important
Documents. Store documents, such as those listed
above, in a safe and secure place. Inform family members or a
trusted friend of the contents and location of these documents.
In short, try to avoid leaving a headache for whoever someday
settles your financial affairs – hopefully many years from
now.
Claudette E. Paäge is president of Paäge et Cie
Business & Personal Management Services Ltd. (www.paageetcie.com).
She is also the author of No Time Like Now, A Fifteen-Minute Guide
to Organizing Your Life, a booklet to help you arrange key documents
and plan for emergencies. Excerpted from Balance, The Magazine
about Getting and Staying Organized.
