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What should you do financially when a loved one dies? Start here.
What should you do financially when a loved one dies? First, know what needs to happen immediately and what can wait. Here’s a way to break everything down without feeling overwhelmed. In the first few days, keep it simple. Order extra certified death certificates. Don't throw away the mail or delete their email account. There may be an old 401(k), insurance policy or account you don't know about, and some statements only come once a year. And within the first week or so, call the financial advisor. They can start notifying the right institutions, tell you what information will be needed and coordinate with the estate attorney and accountant. Then slow down. You do NOT need to immediately close every account, move all the money or start distributing the estate. That's where I think a lot of families put unnecessary pressure on themselves. You're grieving. Most of this can wait. And getting the right people involved early will help you stay on track for the things that actually do have real deadlines. There are deadlines around things like estate tax filings and certain estate planning decisions. For example, federal estate tax returns, when required, are generally due nine months after death. A qualified disclaimer also generally has a nine-month deadline. Your financial advisor, estate attorney and accountant can help separate the things that need attention now from the things you don't need to worry about yet. You don't need to know how to settle an estate. You just need to know what needs to happen now, what can wait, and who is helping you through it. If you've recently lost someone and aren't sure where to start financially, we're happy to help. #EstatePlanning #FinancialPlanning #Inheritance
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