When you lose a loved one, the grief can be overwhelming. in the midst of that grief, there are arrangements to be made, things to be taken care of - and in recognition of that reality, here is a checklist that you may find useful at such a time.
Legal Basics
Start by gathering one or many of the following documents:
- A will
- A trust
- Other estate documents, i.e. Letters of Instruction, Disposition Authorization, or Designated Agent
Documents
Gather these additional highly important items:
- Account statements (see a full list of financial documents specifically further down).
- Deeds/titles to real estate.
- Mortgage documents.
- Car titles or lease agreements.
- Storage space keys/account records.
- Bills due or records of credit card statements.
Personal Information
As best as you can, try to gather important contact records that will be asked for or needed during probate proceedings:
- A Social Security card/number. If you are uncertain if their SSN is retired, consider checking with the Social Security office.
- Family tree, if available (especially if there is no will).
- Usernames and passwords for online accounts (including email, social media, and financial records).
- Passwords to access computers, cell phones and other electronic devices.
Contacts
At some point, you will need to start making arrangements and communicating the news to important individuals. Start by getting in contact with the following:
- Contact a funeral home to arrange a viewing, cremation, or burial, in accordance with the wishes of the deceased.
- Call or email the county clerk or recorder to request 10 to 12 death certificates; a funeral home director can often help you with this matter.(Counties usually charge a small fee for each copy issued.)
- If the person was still working, contact the human resources officer at your loved one’s workplace to inform them what has happened.
- Consult with an attorney – this can be the lawyer who helped your loved one create a will o restate plan, or if none were created, they can help with the probate process.
- If your loved one owned a small business or professional practice, a discussion with business partners (and clients) may be necessary as well as a consultation with the attorney who advised that business.
- Consider opening an estate account at a local bank and pay bills for the decedent from that account.
- Notify creditors and credit card companies that were part of your loved one’s credit history.
Financial, Insurance, and Credit Matters
While there are many document categories to focus on, the financial documents are a good place to start:
- Insurance policies, i.e. Life, Accidental Life, Veterans’ Employers or Pension Insurance.
- Bank accounts - checking, savings, CDs, etc.
- Investment/brokerage accounts, IRA’s, 401(k)s, etc.
- Stocks and bonds.
- Annuities.
- Credit and debit card accounts.
- Safety deposit boxes.
- Survivor annuity benefit papers.
- Employer/retirement benefit (pension) plans, pension/profit-sharing plans, etc.
- Veterans’ benefit records or disability payment documents (state,
veterans’, etc.). - Income statements for the current year (social security, pension, IRA’s, annuities, employment, and other income records).
- IRS income tax returns (for the current and previous year).
- IRS gift tax returns (if any, for all years).
- Property tax records and statements.
- Business interests held, financial statements and agreements, contracts, etc.
- Loan papers.
For accounts with beneficiary designations, start contacting beneficiaries and advise them to step into possession of inherited accounts, such as IRAs, retirement accounts, annuities, life insurance, etc. They need to open Inherited IRAs and other inherited accounts to comply with the wishes of the decedent.
This document is for informational purposes only and is not a replacement for real-life advice, so make sure to consult your tax, legal, and accounting professionals before modifying any tax or estate strategies. Your or your loved one’s financial advisor and legal council will help you with the further steps.