This checklist provides a comprehensive guide to help you manage the essential tasks and decisions during this difficult time. From notifying close family and friends to handling legal matters and financial affairs, this resource aims to support you through each step of the process. Remember, each situation is unique, so seeking personalized guidance from an estate-planning attorney and tax professional is crucial. Use this checklist as a starting point to ensure you address all necessary aspects in the aftermath of your loss.
Where to begin?
□ Notify Close Family and Friends: Reach out and update to loved ones.
□ Arrange Funeral and Memorial Services: Schedule meetings with funeral directors to discuss arrangements and prearrangements of the deceased.
□ Place Obituary: Work with the funeral director to place an obituary in the local newspaper. Try not to include a lot of personal details to help prevent identity theft.
□ Notify Employer(s): Inform the employer(s) of the deceased to settle any outstanding payments or benefits. You may want to inquire about continuing health insurance coverage and potential survivors’ benefits for a spouse or children.
□ Handle Legal Matters:
- Obtain Death Certificate: Request multiple certified copies from the funeral home or medical examiner’s office. Financial institutions (e.g., banks and brokerage firms) and insurance companies require a certified death certificate for you to claim funds associated with your loved one.
- File Will: File the will with the probate court if necessary and contact the estate-planning attorney.
- Gather Important Documents: Collect legal documents such as marriage certificates, birth certificates, and military discharge papers.
□ Manage Financial Affairs:
- Contact their Financial Advisor: Seek assistance in assessing, retitling, and transferring assets.
- Notify Financial Institutions: Inform banks and insurance companies of the passing and begin necessary processes.
- Address Credit Cards: Cancel any cards in the deceased’s name and monitor for unauthorized activity.
□ Coordinate with Estate-Planning Attorney:
- Obtain Letters Testamentary: Required to grant legal authority to the executor or administrator of an estate, allowing them to manage the deceased person’s assets, debts, and property distribution.
- Notify Creditors: Send notices to creditors and handle claims as necessary.
- File Tax Returns: Complete and file federal and state tax returns, including estate taxes if applicable.
- Open Probate Estate: Determine if opening a probate estate is necessary and proceed accordingly.
□ Attend to Administrative Tasks:
- Notify Credit Bureaus: Report the passing to prevent identity theft.
- Forward Mail: Letter of Testamentary needed.
- Handle Subscriptions: Cancel online subscription accounts.
- Close Social Media and Online Accounts.
- Cancel your loved one’s passport and driver’s license.
- Notify utility companies.
□ Report the death to the Social Security Administration:
- If your loved one received benefits, contact your local Social Security Administration office to find out whether any payments must be returned. Additionally, a surviving spouse and children may be eligible for a lump-sum death benefit and/or survivor’s benefit. Contact your local Social Security Administration office, visit ssa.gov or call 800-772-1213 (TTY 800- 325-0778).
□ Address Executor Duties:
- Obtain Court Order or Letters of Appointment: If going through probate, obtain necessary documents.
- Value Assets: Determine the value of assets as of the date of death.
- File Tax Returns: Fulfill tax obligations, including estate and income taxes.
- Distribute Assets: Allocate estate assets to beneficiaries as outlined in the will or directed by the probate court.
List of Important Documents to gather:
- Birth certificate
- Death certificate
- Marriage certificate, divorce papers, or prenuptial agreement
- Military Records
- Adoption papers for minor children
- Trust documents
- Bank account records
- Mortgages and deeds
- Partnership, operating, and shareholder agreements
- Leases
- Most recent and prior year-end brokerage/investment statements
- Stock or bond certificates
- Insurance policies
- Most recent statements for employer-sponsored retirement plans or IRAs
- Loan documents
- Income tax returns for the past three years*
- Prior gift tax returns (Form 709)*
- Most recent credit card statements
- Records relating to the value of tangible assets
- Title to a burial plot
- Titles to automobiles/other personal property
Further Actions for Executor’s Items:
□ Contact your Employer:
- Arrange for bereavement leave for yourself.
□ Obtain Legal Authority:
- Obtain certified letters of appointment or court order to act on behalf of the estate.
- Determine if probate is necessary based on the nature of assets and ownership.
□ Asset Identification and Valuation:
- Identify and assess the value of all assets owned by the deceased at the time of death.
□ Tax Obligations:
- File any required income and estate tax returns, paying applicable tax liabilities.
□ Asset Distribution:
- Distribute estate assets to beneficiaries as directed by the will or probate court orders.
□ Personal Estate Planning:
- Update your own estate plan if you were named a beneficiary or appointed as an agent, trustee, or guardian.
- Update beneficiary designations as needed.
□ Financial Review:
- Re-evaluate short- and long-term finances, considering changes in life circumstances.
- Review investment needs and ensure alignment with financial goals.
□ Insurance Review:
- Assess current insurance policies to identify any coverage gaps.
□ Inherited IRAs:
- Consider consolidating inherited IRAs if feasible, while being mindful of required minimum distributions.
□ Seek Professional Assistance:
- Consult a qualified tax professional for guidance on tax obligations.
- Reach out to a financial advisor for dedicated estate services to streamline the settlement process.
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