The loss of a loved one can be an emotional and overwhelming experience and it can feel very difficult to understand what you need to do to protect your interests and next steps that you need to take.
However, there are many important things to contemplate during this difficult time related to your loved one’s finances. Don’t make any decisions too quickly, since some of the choices you make early on could be difficult or even impossible to reverse. After determining your loved one’s final wishes for a funeral and listing an obituary, it is important to find the necessary paperwork to help you with the next steps to managing your loved one’s estate.
Other important paperwork could include titles to cars or deeds to property. You will need to have certified copies of the death certificate in order to accomplish this. Your loved one’s finances should be the next area to tackle.
This includes making a full list of all the debts and assets. Retirement plans, 401(k)s and IRAs are an example of assets. Determine who was listed as a beneficiary on any retirement plans since these assets will passed to the person named and the same follows for life insurance policies. If there was a mortgage on a piece of real estate, it is important to continue making the monthly payment and the same holds for any insurance payments. If there was an automobile or home involved, the insurance coverage should also be continued.
Do you want to include instructions for your loved ones to help with your estate? Speak with an estate planning lawyer today to get started.