Tip: What To Do After the Loss of a Loved One

 

The unthinkable happens…a loved one dies. Here is a helpful guide adapted by Bet from the winter issue of Thrivent magazine and written by Nancy Fitzgerald.

Right away:

  • Call one family member or trusted friend and ask others to place the rest of the calls for you.  People really want to help.  Let them help with some of the practical things that need to be done.
  • Call your pastor who can offer compassion, care, and help planning the memorial service for your loved one.
  • Call a funeral home.  Working within your budget, the funeral director can help you make necessary plans.
  • Take care of yourself.  Eat healthy food and drink.  Accept the care of family and friends.  Give yourself permission to take as long as you need to adjust to your loss. 

In the weeks ahead:

  • The estate will need to be settled.  Set up a filing system with a folder for each financial institution or task.  This can be in a filing cabinet or an easily transportable storage box.
  • Order multiple copies of the death certificate.  You’ll need to send them to insurance companies, banks and others.  You can order these from the funeral home.
  • Locate the will, trust, and/or any related legal documents and discuss the estate with an experienced attorney.  If there was no plan in place, speak to your attorney about the next steps.
  • Cancel credit cards and stop automatic payments when applicable. 
  • Notify Social Security.  Surviving spouses are usually entitled to a one-time payment of $255 toward funeral expenses.  Do not cash any Social Security checks made out to your loved one after he or she has died.
  • Notify the employer, or, if retired, the retirement plan administrator.
  • If your loved one was a veteran, notify Veterans Affairs.
  • Have all valuables, such as jewelry, paintings, tools, and equipment professionally appraised for tax purposes.

Very important:

  • Try to wait at least one year before making any major financial decisions,
    such as selling your house. 
  • Give yourself time to process your emotions.
  • Avoid making decisions in haste without good counsel.

Put your own affairs in order.  Ask yourself these questions:

  • What would you want done in regard to medical treatment in the event of a life-threatening illness?  Have a “Living Will”.
  • What kind of funeral or memorial service would you like?
  • Are you willing to donate your body or organs?  Have you made arrangements to do so?  Contact your state government to receive donor cards to keep in your wallet.
  • Do you need to change the beneficiary(ies) on your life insurance contract, IRA, annuities and similar assets?  For example, did you update these documents after a marriage or divorce, or after the birth of a child?
  • Are your real estate holdings, stocks, bonds and other financial instruments titled so that they can pass easily to those you wish?
  • Do you have an up-to-date will?  If so, does your family know where it and other important papers, like bank account records, are kept? 

For help setting up systems and organizing your important papers, please contact Bet Hambleton of Organized For Good!