Checklist: When a Loved One Passes Away
When a spouse or loved one passes away, there are several things to do. First and foremost, it is important to grieve and allow yourself time to heal. Below is a checklist of some items to consider when a spouse or loved one has passed away. If the deceased had a trust, please also view our blog regarding Duties of a Successor Trustee.
- Order Death Certificates. Depending on your specific situation, the quantity of original death certificates needed may vary. Typically, investment custodians and banks will accept electronic copies.
- Review the will and/or trust. Contact the attorney’s office to obtain a copy of the will and any codicils. Also, obtain a copy of the trust. After reviewing, work with the estate planning attorney to identify next steps.
- Notify Social Security. Notify Social Security as soon as possible. To report a death, call (800) 772-1213 and speak to a Social Security representative. You can also visit your local social security office. If you are a surviving spouse, you may qualify for additional monthly benefits. A one-time lump-sum death payment of $255 may also be paid to the surviving spouse.
- Notify Pension Administrators. If the decedent was receiving pension or annuity payments, notify the administrator as soon as possible. Payments may stop or be adjusted for survivor benefits.
- Notify the post office of a change of address, if applicable. Additionally, cancel any unnecessary subscriptions such as newspapers, magazines, etc.
- Notify Life Insurance. Each life insurance policy will require a copy of the death certificate and some additional information before paying out the death benefit.
- Review Financial Accounts. Joint accounts should be re-titled into the surviving spouse’s name. Trustee designations on trust accounts will also require updating. In reviewing your financial accounts and making changes to the title or ownership, it is helpful to work directly with your financial advisor.
- Basis Step Up. If a surviving spouse owned property titled as community property or in trust with the decedent, the property will receive a step-up in basis to the date of death. Joint property can be eligible for a basis step up for the decedent’s one-half. Contact your tax or financial planning team to determine the steps required to get this done. To receive a basis step up, certain assets, such as artwork, collectibles, houses, etc., will require an appraisal.
- Bills and credit cards. Notify the company of the decedent’s passing. Collect all credit cards and bills. Pay final bills, destroy credit cards, and close accounts.
With so many tasks to complete, it is important to surround yourself with trusted advisors. To assist you with the items listed above, we suggest you consult with the estate planning attorney, CPA, and financial advisor.
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