Settling The Estate Of A Deceased Loved One

ime after the death of a parent, spouse or othersituation, photocopies are considered unacceptable.
family member can be filled with intense emotionsIf the death was found not to be from natural
of grief. With the stress of planning a funeral andcauses (such as an accident or a homicide), you
memorial service, it can be easy to lose track ofwill also need a copy of the investigative report to
the business of wrapping up personal affairs andbe eligible for additional accidental death benefits.
settling a deceased loved one’s estate.Check the fine print of the policy to see if this
This article outlines some tips to help get throughsort of coverage was provided.
this difficult time and ensure that the surviving3. Closing bank accounts:
family members are prepared to handle anyAny existing checking and savings accounts will
future legal and business issues, quickly andremain open and any applicable fees will continue
efficiently.to be charged as long as there is money in
Uncover any last requests:them—unless you formally close the bank
If you’re lucky, your loved one will haveaccounts. You will need to bring in a certified
left a detailed, legally certified will outlining burialdeath certificate and fill out a Death Notification
requirements and distribution of assets. CheckForm as supplied by the bank to officially close
with the deceased’s lawyer ifthe account and withdraw or transfer any
you’re unsure whether a will exists. If itremaining funds.
doesn’t, talk with family members to seeIf the account was a joint account with your
if any last wishes were mentioned.name on it, the death notice is more of a
Set up a financial plan:formality to make the bank aware that no more
Even the most generous of insurance policies anddeposits will come in under the deceased’s
estate settlements are unlikely to last forever, soname beyond any related insurance settlements.
meet with a financial planner to set up a4. Transferring retirement benefits:
long-term budget and discuss restructuring anyIf you are named as a primary beneficiary on a
investments to satisfy your financial goals.401(k), individual retirement account or company
Get several copies of the death certificate:retirement plan, supply a certified death certificate
You should get a copy of the death certificate forto roll the benefits over to a retirement account
documentation purposes. There will be severalin your name. If you decide to withdraw the
instances in the coming days and weeks in whichmoney and place it into a checking or savings
having a copy of the death certificate will beaccount, be aware that you may face a
required. Ensure you have more than one copy ofsignificant tax penalty.
the death record; various institutions will requireThe days and weeks following the death of a
such documentation for settling an estate andloved one can be very stressful. Settling an
you’ll find maintaining additional copies willestate requires the submission of paperwork to
help you speed up paperwork.each individual institution where an account is held
Below are four examples when providing a deathby the deceased. You’ll also need to
certificate is required:provide paperwork when requesting a
1. Transporting the body:death-related service or benefit. Part of the
In most states, the funeral director will need apaperwork requires providing documentation of
copy of the death certificate to legally transportthe death. Death record policies vary, so be
the body to the funeral home and will file theprepared to provide an official certified death
death certificate with the courthouse for legalcertificate copy available by mail or in person
proof of death. The funeral director will also needfrom the state or county vital records agency
a copy of the death record to apply with thewhere the death occurred. Government-certified
health department for a burial transit permit.copies of a death certificate can also be obtained
2. Claiming a life insurance policy:on an expedited basis through authorized online
If your loved one had life insurance, the lifeservice providers such as Since multiple copies are
insurance company will require an official certifiedgenerally required, you should determine the
death certificate as proof of death when anumber of certificates you will need before you
primary or secondary beneficiary submits a claim.place your order and avoid having to duplicate
Generally speaking, a secondary beneficiary is onlyyour order or pay separate order processing
allowed to make a claim if the person listed asfees.
the primary beneficiary has also died. In either