Preparing for the loss of a loved one

The passing of a loved one is an exceptionally difficult time in life.

To help you, we built a “financial checklist” that can be used by you, or someone you care about, to work through the financial issues.

Steps may vary depending on your circumstances.

We recommend using this checklist as a starting point, and to customize it to your specific needs.

The first half covers the steps to take before your one loved has passed away (if that is possible).

The second section covers the steps to take after a passing.

We invite you to reach out if you have any questions.

Preparing for the loss of a loved one

In many families, one family member handles the finances.

Here are some of the key items to focus on.

• Discuss their wishes for the distribution of personal items, such as jewelry, heirlooms, artwork, and collectibles.
• Is there a story behind these items that they would like you to share?
• Is there someone they would like to take care for these items?
• Be sure you are clear on their wishes for their funeral or celebration of life.
• Discuss their beliefs or wishes on organ donation.
• If they do wish to donate their organs, make sure any forms have been completed.

Depending on the complexity of your estate plan, you may have a variety of important financial documents that you’ll need.

Consider creating a digital vault of your estate planning documents.

We can help set this up.

The documents you will likely need to include:

• Will and Trust documents
• Title to specific assets
• Mortgage documents
• Policy information (life insurance, retirement plans, IRAs, etc.)
• Business ownership documents
• Account information (banking and investment accounts & where they’re held)
• Government agencies: Social Security, pensions, work related benefits.

• Meet with us to determine if there are any last-minute financial steps that could be beneficial to take.
• Create an inventory of all investment and banking accounts, as well as any login information for each account: with their permission.
• Review beneficiary designations.
• Upon their passing, the assets will go to the named beneficiary on that plan.
• Create an inventory of all liabilities, such as personal loans, credit cards, auto loans, and mortgage details.
• Accumulate a healthy cash reserve.
• Once the custodians of your loved one’s accounts are informed of a passing, the accounts may be frozen
• This can create short-term cash flow problems.
• Have cash on hand : this is important to ensure you can cover your usual expenses, but other short-term expenses that will arise.
• Consider a social media account and password master list.
• If your family has a pattern of medical conditions, try to create a more detailed medical record history for future generations to reference.

Following the death of a loved one

After a passing, you can act in a respectful way to handle your loved one’s final financial affairs and begin the process of moving forward.

We are a resource to help you during this difficult time. Unfortunately, we have been down this path for many clients and can act as guides.

• Obtain a copy of the death certificate.
• We can organize a team meeting to review the estate plan.
• You may need our guidance in reviewing documents and allocate responsibilities.
• If you are the executor of the estate, you may want out guidance to adhere to legal and tax issues.
• Notify the Social Security Administration at 800-772-1213; make sure you have SSNs handy for you, your spouse, and any dependent children.
• Contact your bank and begin the appropriate retitling process.
• Secure the home and all contents and create a list of all contents to avoid any disputes.
• Contact relatives to inform them of any personal effects your loved one wanted them to have.
• Keep a running inventory of all expenses incurred in distributing and managing the estate.
• If there was life insurance, annuities, or pension, notify the carrier.
• Cancel long-term care and/or disability insurance.
• Notify personal lines of insurance (auto, home, and umbrella) to remove your loved one or cancel the policy.
• Contact travel rewards programs to move to a spouse.
• Contact all utility providers to review and cancel contracts.

Moving Forward

Settling financial affairs can be a time-consuming process.

It’s important not to forget about your new financial plan of action.

This doesn’t need to happen right away; making no financial decisions for weeks or months may be the best approach.

During this very difficult time, our mission is to help you feel confident about the path forward.

Don’t hesitate to reach out if you would like help navigating them.