Ten Important Action Items to Take
When You Lose a Loved One
Obtain copies of certified death certificates. These will typically be provided by the funeral home. While you can always order more at a later time, we generally recommend ordering 10 at the outset.
Secure and safeguard real property and personal property. This includes securing all locks to the home, ensuring there are no safety hazards in or around the property, and removing valuables from the property. If the property is vacant there are steps you can take to ensure that it does not become a target for vandalism or theft. We often recommend notifying the police and/or management for the property, as well as trustworthy neighbors.
Vehicles should be garaged if possible and not driven if it can be avoided. Under no circumstances should the insurance on the vehicle be cancelled while the license plates are still on the vehicle or in your possession, as there are tremendous fines assessed for uninsured motorists.
Notify the post office and attempt to have mail forwarded to you as soon as possible.
Notify Social Security. The funeral director will typically notify Social Security of the death, but we would recommend calling as soon as possible to ensure Social Security is aware. If Social Security benefits were being collected at the time of death, it may lead to issues of over-deposit and return of funds if Social Security is not promptly notified.
Locate all assets to the best of your ability. This may include speaking with your loved one’s financial advisor, accountant, going through mail and personal files and checking e-mail if possible. Pay attention to how accounts are titled. Are they just in the name of your loved one or jointly owned? Payable on Death (POD) or Transfer on Death (TOD)? Are there beneficiaries on the account(s)? The answers to these questions will let you know what you need to do to collect these assets.
Identify liabilities. Are there outstanding bills or ongoing expenses? It is important to differentiate between ongoing expenses that should be paid in a timely manner and those bills and expenses that can wait until the Estate is open — such as doctor and hospital bills.
Pay certain ongoing expenses until the Estate is settled. Ongoing expenses may include paying a mortgage, property taxes, utility bills, insurance premiums and other day-to-day expenses.
Establish and communicate with your team. This typically includes an accountant, financial advisor, insurance agent(s) and attorney.
Notify relevant parties of your loved one’s passing. We would recommend, at the very least, notifying any credit card companies, bank and mortgage company, insurance companies and Medicare (if applicable).
For any questions, feel free to contact us anytime.