Dealing with this loss can be an immensely emotional and overwhelming process.
During this difficult time, it is common to be confused or uncertain about your next steps personally, legally, and financially.
To help you get through this process, we’ve created a checklist of what you need to do when you lose a loved one. The steps below outline the main areas to cover, from the day your loved one passes away to when the estate administration is completed.
First steps:
- Notify friends, family and colleagues
- Obtain a death certificate
- Locate the Will
- Make appropriate funeral arrangements
- Notify all beneficiaries
- Locate and secure estate assets
Documents to collect:
- Death certificate
- Birth certificate
- Will
- Social Insurance Card
- Marriage certificate (if applicable)
- Birth certificate of children (if applicable)
- Insurance policies
- Deeds and title to property
- Automobile title and registration papers
- Income tax forms
Personal considerations:
- Evaluate and reassess your retirement needs
- Review and update your estate plan
- Seek support if needed
Financial considerations:
- Remove the deceased’s name from any joint accounts
- Notify the deceased’s insurance company
- Notify the deceased’s bank and other financial institutions
- Cancel credit card accounts
- Pay any final bills
- Collect eligible benefits
- Create an inventory of estate assets
- Complete an income tax return for the deceased
Other considerations:
- Cancel telephone, internet, and cable service
- Return government documents
- Secure residence
- Cancel memberships and subscriptions
- Contact medical care providers
- Contact utility companies
- Reroute mail
- Cancel email and website accounts
- Memorialize social media accounts, if applicable
Talk to us if you need to discuss the various actions you will need to take when losing a loved one. As always, we’re here to support you. In fact, if you have any goal in mind — big or small — that requires some financial planning, but you’re struggling with where to start, reach out to our team. We have the expertise and life experiences to help guide you to achieving your goals.
Contact us today to learn more about the options available to you. CLICK HERE.
Learn more:
- Financial challenges of losing your spouse
- Retirement planning for widows and widowers
- 8 income sources for widows
- Top 10 financial issues for retirees
The process of finding a financial advisor can be overwhelming. It is our job to make that process simpler and easier.
Dri Financial Group’s proprietary Wealth Navigator Process is designed with you in mind.
Its structured framework helps you make an informed decision and feel confident in our team and management practices before we get started.
We offer you a range of services from creating bespoke financial plans and providing investment advice to helping you take advantage of our investment models. If you would like more information on the Wealth Navigator Process or our team, call me any time at 416.355.6370 or email me at richard.dri@scotiawealth.com.
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Beyond helping you manage your finances, we take pride in motivating, educating and helping you expand your financial literacy. We are here to answer any questions you have and to help you feel in control of your financial destiny.
If you are ready to dive deeper into your financial literacy journey, we have a wide range of free tools and educational resources available.
- Subscribe to our Never Retire Newsletter
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source https://richarddri.ca/checklist-what-to-do-after-losing-a-loved-one/
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