estate planning checklist for after death

ESTATE PLANNING CHECKLIST FOR AFTER DEATH UPDATE

Some include the state you live in, ownership at death, if there’s a will, if the asset was in a living trust, etc. There are many factors to consider, which is why it’s so important to have an attorney. It may be helpful to familiarize yourself with concepts like how a trust differs from a will. Assets owned by your spouse individually, that don’t pass through a beneficiary designation like on a retirement account or life insurance policy, or through a transfer-on-death or payable-on-death arrangement, will likely go through probate. Hopefully, your spouse had a will and perhaps a trust set up and funded. The estate planning attorney is going to be critical here. Asset Titling, Beneficiary Elections, and Probate

Regarding credit cards, if you’re an authorized user and not the primary cardholder, you’ll also want to discuss whether or not you should make payments or even continue to use the card.

ESTATE PLANNING CHECKLIST FOR AFTER DEATH UPDATE

For example, is a joint bill paid from a bank account your spouse owned individually? If so, you’ll likely want to update that to ensure payments will continue. It’s important to make a list of everything and discuss with an attorney. Notify current/former employers it’s common to have employer-provided life insurance, stock options, and other benefits that may require your attention. The funeral home typically notifies the Social Security Administration. For help finding all the accounts, ask the credit bureaus for a report and notify them of your spouse’s passing.

Outstanding debts or liabilities, including any mortgage or loan balances, credit card balances, and unpaid billsĪlso determine how the bills are being paid, either from joint bank accounts, your spouse’s or your own account.

Tangible assets and your spouse’s personal property.

Life insurance policies and beneficiaries.

Retirement account statements and beneficiary designations.

Investment account statements (brokerage and/or trust accounts).

You’ll need to gather a lot of financial documents and statements, including: Get Organized and Understand Your Financial SituationĪfter the death of a spouse, take steps to organize and take stock of your financial situation. You may want to give that Rolex to a nephew as a sentimental gesture, but always consult with your attorney before doing so. You need to be sure the estate plan authorizes you to do this, obtain appraisals and valuations, and adhere to creditor claim periods in the event of a valid claim against the estate.

Not confirming whether required minimum distributions from retirement accounts were taken before death.

Missing tax and other important deadlines.Failing to update accounts to remove spouse’s social security number, and request basis adjustments.Letting fear and grief delay important action.But there’s also things to avoid doing. Kristin Dzialo, Trust and Estates attorney and Partner at Rubin and Rudman, LLP in Boston, MA shares the top five most common mistakes she sees new widow(er)s making: There’s a lot to do after the death of a spouse. If you’re planning to visit family away from the home, have the mail forwarded to that address, or to the executor, if that isn’t you.Arrange to have any pets taken care of in-home or boarded.As sad as it is, burial plans are publicly available, and robberies occur Asking a friend/relative to watch the house during the funeral or memorial service.Getting multiple copies of the death certificate, at least five.A downloadable checklist is available at the end of this article. In addition to making funeral arrangements and notifying family and friends, another priority is alerting your estate planning attorney and financial advisor. But not everything needs to get done today. Let’s face it, there’s a lot to do after the passing of a spouse. Kristin McKenna, CFP® first published an abbreviated version of this article on Forbes.Ĭhecklist: What to do After the Death of a Spouse Here’s a financial planning checklist for surviving spouses.

Unfortunately, during the grieving process surviving spouses also need to navigate the complex financial issues that arise after the death of their partner. While it’s possible to organize financial documents ahead of time, there’s no way to truly prepare for the death of a spouse. Losing a spouse can be an overwhelming and emotional experience.

Estate planning checklist for after death