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Twelve Months of Financial Milestones
Working with Financial and Legal Advisors |
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twelve months of financial milestones
This is the hardest time, when grief is the
freshest. • Arrange the funeral/memorial service. • Call or write to close associates and advisors, such as lawyers, accountants and business partners. Tell them your loved one has died and when and where the funeral is scheduled, and ask for their help in collecting important financial papers and executing business agreements. • Secure 15 to 20 official copies of your loved one’s death certificate from the funeral director, health department, or clerk of the county in which your loved one died. (Be sure to read the original carefully before copies are made to ensure all information is accurate, complete, and readable. Even small errors can cause administrative headaches and delays later on.) It’s usually easiest to request all the official copies at once and keep them in a secure location. Extras can be tucked away for future needs. Although there is a cost for each certificate over a certain number, you’ll need several and photocopies generally are not accepted. The following companies and agencies represent a partial list of those that are likely to request copies of the death certificate in order to verify the death and either change the name on the account or send money due to you: • Social Security Administration • Department of Veterans Affairs • Your loved one’s employer • Credit card companies • Banks, credit unions, savings and loans, investment firms • Companies in which your loved one held stock directly instead of through a brokerage firm • Mortgage company • Insurance companies • Look for a copy of your loved one’s will. • Make at least the minimum payment on all bills you are responsible for paying, and pay them on time to avoid late charges and damage to your credit record. • Claim Social Security, veteran, or civil service survivor, dependent, and/or death benefits as appropriate. Social Security survivor benefits can provide welcome income if you have young children. The amount depends on the average lifetime earnings of your loved one. The Social Security Administration can be reached at 1-800-772-1213 or online at www.ssa.gov. If your loved one was a state employee, contact your state civil service office. Or, if your loved one was a federal employee, contact the Office of Personnel Administration at 1-888-767-6738 or www.opm.gov. • Contact insurance agents or life insurance companies that issued policies on your loved one. Ask what benefits you can expect. Request claim forms and instructions for completing the forms. • Contact your loved one’s employer. Ask about benefits due to you, such as deferred salary, bonuses, retirement plans, pensions, and accrued vacation time. Contact previous employers as well. There may be money sitting in retirement or pension plans. • Open a checking account in your own name, if you don’t already have one. • If you are covered by a loved one’s health insurance plan at work, notify the company’s human resources department, in writing, within 30 days of his or her death. That way, you and any dependent children may be eligible to keep the same insurance coverage for up to three years at your expense. Be on the lookout for a notice from the company stating that you are eligible for continued coverage. You must reply to this notice within 60 days to stay in the plan. • If your loved one was covered by your health insurance plan, write to the plan provider. Your premium will probably be reduced. • Send a letter (certified mail/return receipt) to all of your loved one’s creditors, such as credit card companies, banks, and other lenders, and keep copies of these letters. If your loved one was the only signer on a loan, the creditor can seek payment from his or her estate. • Contact a lawyer about settling your loved one’s estate. See “Settling the Estate,” for more information.
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The First 30 Days
