|
Twelve Months of Financial Milestones
Working with Financial and Legal Advisors |
 |
twelve months of financial milestones
Now that a little time has passed from the initial shock and grief of your loss, you may be able to begin tackling some milestones related to your own financial situation as well as your loved one’s. • File claims for your loved one’s medical bills with his or her health insurance company. • Locate and organize all papers and documents related to your financial situation. The “Financial Papers Checklist” will help you stay organized. • Review joint accounts you held with your loved one. You may want to change cash accounts, such as bank and investment accounts, to your name only. If so, you can go to the bank or other institution and request the change. Take a death certificate with you. If you request that loans and credit cards be put in your name only, you may be asked to reapply. If you don’t have much credit history in your own name, there is a possibility your application could be turned down. If you are unsure of your credit standing, and you are able to continue making the credit card and loan payments, consider postponing changing those accounts until you are more certain you can qualify on your own. For a snapshot of your credit standing, contact one of the following major credit reporting agencies and ask for a copy of your credit report. You may be able to obtain that report for free. • Equifax: 1-800-685-1111 or online at www.equifax.com • Experian: 1-888-397-3742 or online at www.experian.com • TransUnion: 1-800-888-4213 or online at www.transunion.com • If your credit report is sparse, take steps to raise your own credit profile. You might begin by applying for a department store or gasoline company credit card with a minimum credit limit. (These cards can be easier to quality for than national cards.) Make sure you make all payments on time. Ask a friend who is familiar with financial issues to help you develop an action plan, or talk with a financial advisor. • Rename beneficiaries on all insurance policies, retirement accounts, and other accounts where your money is held if they currently name only the loved one who died. • If you and your loved one owned property jointly, and you think you may sell it in the future, you may have to change the title to your name only, or to your name and that of another adult. If you add another person to the title, check with an accountant or tax lawyer first to ensure you are not making a taxable gift to that person.
|
Within 90 Days
