Raymond James & Associates, Inc.Julie Stalnaker, CFP®, CDFA®1314 East Venice AvenueSuite AVenice, FL [email protected]
Death of a Family Member Checklist
July 11, 2011Page 1 of 2, see disclaimer on final page
Losing a loved one can be a difficult experience. Yet,during this time, you must complete a variety of tasksand make important financial decisions. You mayneed to make final arrangements, notify variousbusinesses and government agencies, settle theindividual's estate, and provide for your own financialsecurity. The following checklist may help guide youthrough the matters that must be attended to upon thedeath of a family member.
Note: Some of the following tasks may have to becompleted by the estate's executor.
Initial tasks• Upon the death of your loved one, call close family
members, friends, and clergy first--you'll need theiremotional support.
• Arrange the funeral, burial or cremation, andmemorial service. Hopefully, the decedent willhave made arrangements ahead of time. Lookamong his or her papers for a letter of instructioncontaining final wishes. Such instructions may alsobe stated in his or her will or other estate planningdocuments. Arrange any cultural rituals, and makeany anatomical gifts.
• Notify family and friends of the final arrangements.• Alert your loved one's place of work, union, and
professional organizations, and any organizationswhere he or she may have volunteered.
• Contact your own employer and arrange forbereavement leave.
• Place an obituary in the local paper.• Obtain certified copies of the death certificate. The
family doctor or medical examiner should provideyou with the death certificate within 24 hours of thedeath. The funeral home should complete the formand file it with the state. Get several certifiedcopies (photocopies may not be accepted)--youwill need them when applying for benefits andsettling the estate.
• Review your family member's financial affairs, and
look for estate planning documents, such as a willand trusts, and other relevant documents, such asdeeds and titles. Also locate any marriagecertificate, birth or adoption certificates of children,and military discharge papers, which you mayneed to apply for benefits. These documents maybe found in a safe-deposit box, or the decedent'sattorney may have copies.
• Report the death to Social Security by calling1-800-772-1213. If your loved one was receivingbenefits via direct deposit, request that the bankreturn funds received for the month of death andthereafter to Social Security. Do not cash anySocial Security checks received by mail. Return allchecks to Social Security as soon as possible.Surviving spouses and other family members maybe eligible for a $255 lump-sum death benefitand/or survivor's benefits. Go to www.ssa.gov formore information.
• Make a list of the decedent's assets. Putsafeguards in place to protect any property. Makesure mortgage and insurance payments continueto be made while the estate is being settled.
• Arrange to retrieve your loved one's belongingsfrom his or her workplace. Collect any salary,vacation, or sick pay owed to your loved one, andbe sure to ask about continuing health insurancecoverage and potential survivor's benefits for aspouse or children. Unions and professionalorganizations may also offer death benefits. If thedeath was work-related, the decedent's estate orbeneficiaries may be entitled to worker'scompensation benefits.
• Contact past employers regarding pension plans,and contact any IRA custodians or trustees.Review designated beneficiaries and post-deathdistribution options.
• Locate insurance policies. The policies couldinclude individual and group life insurance,mortgage insurance, auto credit life insurance,accidental death and dismemberment, credit cardinsurance, and annuities. Contact all insurance
If your loved one was aveteran, you may beeligible for burial andmemorial benefits. Call1-800-827-1000 to find thenearest VA regionaloffice.
Duplicate copies ofmarriage and birthcertificates are availableat the county clerk'soffice where the marriageand births occurred. Toget a duplicate copy of amilitary discharge,contact the NationalPersonnel Record Center,9700 Page Avenue, St.Louis, MO 63132.
If there is no oneauthorized to open thedecedent's safe-depositbox, petition the probatecourt for an order toopen.
Page 2 of 2Prepared by Forefield Inc. Copyright 2011
companies to file claims.• Contact all credit card companies and let them
know of the death. Cancel all cards unlessyou're named on the account and wish to retainthe card.
• Retitle jointly held assets, such as bankaccounts, automobiles, stocks and bonds, andreal estate.
• If the decedent owned, controlled, or was aprincipal in a business, check to see if there areany buy-sell agreements under which his or herinterest must be sold.
Within 3 to 9 months after death• File the will with the appropriate probate court.
If real estate was owned out of state, fileancillary probate in that state also. If there is nowill, contact the probate court for instructions, orcontact a probate attorney for assistance.
• Notify the decedent's creditors by mail and byplacing a notice in the newspaper. Claims mustbe made within the statute of limitations, whichvaries from state to state (30 days from actualnotice is common). Insist upon proof of allclaims.
• A federal estate tax return may need to be filedwithin 9 months of death. State laws vary, butstate estate tax and/or inheritance tax returnsmay also need to be filed. Federal and stateincome taxes are due for the year of death onthe normal filing date, unless an extension isrequested. If there are trusts, separate incometax returns may need to be filed. You may wantto seek the advice of a tax professional.
Within 9 to 12 months after death• Update your own estate plan if your loved one was
a beneficiary or appointed as an agent, trustee, orguardian.
• Update beneficiary designations on yourretirement plans, including IRAs, andtransfer-on-death accounts on which the decedentwas named beneficiary.
• Reevaluate your budget, and short-term andlong-term finances.
• Reevaluate your insurance needs, and updatebeneficiary designations on insurance policies onwhich the decedent was the named beneficiary.
• Reevaluate investment options.
Do not be hasty whensettling your loved one'sestate. Importantdecisions need to bemade regardingdistributions, which mustbe made in compliancewith the will andapplicable laws. Seek anexperienced estateplanning attorney foradvice.
If your family memberdidn't already make finalarrangements or leavefinal instructions, go towww.funerals.org forsome helpful informationabout funerals, burials,and memorial services.
This information was developed by Forefield, Inc. an independent third party. It is general in nature, is not a complete statement of all informationnecessary for making an investment decision, and is not a recommendation or a solicitation to buy or sell any security. Investments andstrategies mentioned may not be suitable for all investors. Past performance may not be indicative of future results. Raymond James &Associates, Inc. member New York Stock Exchange/SIPC does not provide advice on tax, legal or mortgage issues. These matters should bediscussed with an appropriate professional.
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