Managing A Loved One’s Finances After They’ve Passed Away
Losing a loved one is difficult.
The last thing you want to do when you’re grieving is to look after everything that your loved one has left behind. However, it’s important that someone does take ownership so that everything can be sorted within a timely manner with as few issues as possible.
Here are some tips for looking after a loved one’s finances when they’ve passed away.
If you’ve had a financial setback, this article may help.
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Don’t Rush
Emotions will be running high, and it’s expected. However, when it comes to dealing with this aspect of death, it’s important not to rush into things. Don’t let your emotions cloud your judgment.
When you’re emotionally stressed, your feelings can lead to making decisions that could have a negative impact. It could be a property you need to consider selling or certain valuables that need distributing around family and other close friends.
Don’t make these decisions until you’re emotionally stable to do so.
Get Help
No one is taught how to handle death, particularly when it comes to handling a person’s finances after they’re gone.
There are also situations where you may need a wrongful death attorney in cases where the individual died from someone else’s carelessness.
If your relative had a financial advisor or someone who looked after their finances, then this is your first port of call, because you may want to work with them going forward. The advisor can help you track down bank accounts and investment balances. These experts also work with estate agents and attorneys to address the sale of properties.
Make Calls To Bill Providers
When someone passes away, bill providers won’t realize anything has happened until someone informs them.
To avoid any bills from continuing, it’s a good idea to go through previous mail that your relative had and call up any bill providers or companies where money was being taken out of the account on a regular basis. A lot of them will hopefully be very understanding, and some may overlook any payments that were due after the individual passed away.
However, do this as soon as you can. It may be another thing for the financial advisor to do as they’re dealing with the accounts.
Locate The Will
Lastly, locating the original will and any updated versions of the document is the most important task of all.
Hopefully, they will have made one and fingers crossed they informed you or a family member of where they could retrieve it when needed. These documents will be needed when it comes to making decisions on the finances and to identify beneficiaries.
The same goes for any valuables or sentimental items that would be mentioned in the will. If you are made executor of the estate/trust, then it’s important to keep hold of any expenses or receipts that may need to be presented if you have to do a tax return for the relative.
It’s a tough time in your life, but you will get through that grief and will be able to enjoy reminiscing about all the good times in their life and all the memories you have with them.
Ken Boyd
Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies
(email) ken@stltest.net
(website and blog) https://www.accountingaccidentally.com/
Image: Andrew Neele