The death of a loved one is tough, and during this time, there are many tasks you need to complete and important financial decisions to make. You may have to arrange the funeral, notify various organizations, handle the estate, and ensure your own financial security. This checklist can help you manage everything that needs to be done after a family member passes away.
Keep in mind that some tasks may need to be handled by the estate’s executor.
First Steps
- Inform Family and Friends: Start by calling close family members, friends, and clergy. Their emotional support will be important.
- Arrange the Funeral: Plan the funeral, burial or cremation, and memorial service. Look for any instructions your loved one may have left behind, possibly in a will or other documents.
- Notify Others: Let family, friends, and your loved one’s workplace, union, and volunteer organizations know about the funeral arrangements.
- Take Bereavement Leave: Contact your employer to arrange time off.
- Obituary: Place an obituary in the local newspaper.
- Get Death Certificates: Obtain several certified copies of the death certificate. These will be needed to apply for benefits and settle the estate.
- Review Financial Affairs: Look for important documents like a will, deeds, titles, and certificates (marriage, birth, adoption, military discharge). These might be in a safe-deposit box or with the attorney.
- Notify Social Security: Report the death to Social Security. Return any benefits received after the death and ask about survivor benefits.
- List and Protect Assets: Make a list of the assets and take steps to protect them. Ensure mortgage and insurance payments continue.
- Workplace Matters: Retrieve your loved one’s belongings from their workplace. Collect any owed salary or benefits, and ask about continuing health insurance and survivor benefits.
- Pension and Retirement Accounts: Contact past employers about pension plans and IRA accounts. Review beneficiaries and distribution options.
- Insurance Claims: Locate all insurance policies and contact the companies to file claims.
- Credit Cards: Inform credit card companies of the death and cancel any cards unless you want to keep them.
- Retitle Joint Assets: Update the titles on jointly held assets like bank accounts, cars, stocks, and real estate.
- Business Interests: If your loved one owned or was involved in a business, check for any agreements that need to be followed.
Within 3 to 9 Months After Death
- File the Will: Submit the will to the probate court. If the deceased owned real estate in another state, file probate there too. If there’s no will, contact the court for guidance or seek help from a probate attorney.
- Notify Creditors: Inform creditors by mail and place a notice in the newspaper. They must submit claims within a set time, which varies by state. Make sure you get proof of any claims.
- Tax Returns: A federal estate tax return may be required within 9 months of death. State tax returns might also be needed. Federal and state income taxes for the year of death are due on the usual filing date unless you request an extension. If there are trusts, separate tax returns may be needed. You may want to consult a tax professional.
Within 9 to 12 Months After Death
- Update Your Estate Plan: If your loved one was a beneficiary or named in your estate plan, update it accordingly.
- Update Beneficiaries: Change the beneficiary designations on your retirement accounts and any transfer-on-death accounts where your loved one was named.
- Review Your Finances: Reevaluate your budget and financial plans, both short-term and long-term.
- Review Insurance Needs: Update insurance policies and beneficiary designations as needed.
- Reconsider Investments: Take a fresh look at your investment options.
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C.S. West & Associates of Tampa Bay can assist with the financial aspects of your loved one’s estate. Please contact us if you require assistance with reviewing financial records, tax matters, valuing the estate, advising on distribution of assets, managing debts and expenses, record keeping and documentation and providing financial reports. We’re here to help!
