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Life insurance is one of those things that just about everyone considers within their lifetime; leaving our family and dependents with enough money to get by is not only a smart financial move, but an act of love, as well. However, like any type of financial investment, life insurance is rarely straightforward, and in the event of death, there may be additional hoops that must be jumped through before all the funds are released.
As you face the first few days after the death of a loved one, you’ll want to gather up the necessary paperwork and prepare to talk to the right authorities—including insurance agents, the Executor of the Estate (when needed), and possibly even your attorney.
Commonly Asked Insurance Questions
When a loved one dies, who do I contact about the life insurance policy?
The agent who sold the policy is typically the first point of contact. This individual should have a record of all the transactions included with the life insurance policy, including what the payout will be and who the beneficiary is. Assuming there are no further complications, a proof of death (i.e., a death certificate) and proof of your position is all that is needed to release the funds to the proper channels.
One of the types of financial property that commonly passes from one person to another when a death occurs are stocks, bonds, and other kinds of money market investments. The good news about this kind of property is that it is almost always done by the type of individual who put time and effort into financial planning, estate planning, and other long-term objectives. This means there is a good likelihood a will is in place and steps have been taken to smooth the way for beneficiaries to gain control.
However, because death can be so sudden and unexpected, this isn’t always the case. As in any situation in which the deceased leaves behind an estate that must go through probate, there are certain steps required before all the funds can be released. If your loved one had a stock portfolio or worked with a financial advisor to create long-term investment plans, you may want to be sure of your rights and responsibilities regarding what to do about stocks and investments when a loved one dies.
Many times, the death of a loved one occurs when he or she has reached an advanced age—an age at which Social Security, Medicare, and Medicaid are part of the financial structure of his or her estate. As part of the funeral planning and estate dissolution process, you will need to notify the proper authorities. In some cases, you might also be eligible for benefits and other services that can provide support during this difficult time.
Social Security
It is your responsibility to ensure that Social Security is notified as soon as possible after a loved one dies. In many cases, the funeral director will either alert you to this fact or offer to contact Social Security on your behalf…you will simply need to give permission and ensure that the director has the correct social security number to make the report.
It can take a few weeks or even months before the death is processed with Social Security, so if you get checks or direct deposits, be sure not to touch the money, as you will be required to give them back.
In our modern Internet age, there are multiple places where we interact and communicate online. From standard email accounts and Facebook to Foursquare and Twitter, an individual can juggle as many as several dozen online accounts at one time. And when an unexpected death occurs, this can leave several loose ends that need to be tied up before you can finally say your goodbyes.
No amount of funeral planning will prepare you to handle the numerous different online accounts left open after a death. If you are estate planning or making a will, it is a good idea to make a list of all the online accounts you have as well as the usernames and passwords necessary to access them. This list can be left with a trusted family member or even as part of your will, to become the responsibility of the Will Executor upon your death.
When someone in your family dies, there is a good chance that he or she had real estate (either in the form of a personal residence or in investment properties) that will be subject to either probate, inheritance taxes, or both. In cases where the real estate value is high or completely paid off, this can represent a great financial boon; in others, where there may be a mortgage on the property, the house or land may end up going to probate to pay off existing debts before you’ll ever see a penny.
Depending on your relationship with the deceased, the process of finalizing all the paperwork and transferring the property will vary. Here are a few of the more common situations:
The bulk of this series on What to Do When Someone Dies deals with funeral planning and steps for moving through the estate and probate process. However, all the financial and legal paperwork in the world can’t account for the emotional toll the death of a loved one can have on you, your family, your home life, and your professional life. No one, no matter how much advance warning and preparation he or she has, can be prepared for the loss of a loved one. And when death occurs suddenly or unexpectedly, the psychological impact can and will change your life forever.
The best thing you can do for yourself in the days following the death of a loved one is to connect with grief support resources. Even if you never use them, it’s a good idea to have a place (either a physical place or an online group) you can go for help, should the need arise.
Due to the highly emotional state associated with burial arrangements and funeral planning, it is all too easy for corrupt businesses to take advantage of families in mourning. While this isn’t a common occurrence, it does happen, and it’s important to safeguard yourself against it. Time constraints, emotional pressure, and a lack of knowledge about the industry allow some funeral homes to charge more or provide only the most expensive options to their consumers, who may then pay considerably more than they have to for services they may not actually need.
The reality is that funeral costs don’t have to be overwhelming. In the past few decades, the Federal Trade Commission has put a focus on consumer rights when it comes to funeral planing. When you follow their guidelines and work with a funeral home you trust, the results are much more likely to leave you and your family with the satisfaction of knowing your loved one has been cared for in the best possible way.
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Memorial keepsakes offer a great way to honor your loved ones in a visible way. All too often, mourning takes place on the inside, and the emotions we feel are sometimes at odds with the front we present to the world. Small tokens of grief (usually in the form of window decals, memorial jewelry, or even a memorial tattoo) allow you to put some of that mourning on the outside. And for those wishing to send something more than a bereavement card or funeral flowers, memorial keepsakes add a unique, elegant touch that most families will appreciate.
When funeral planning, it’s common to spend some time sorting through your possessions as well as the possessions of the deceased. This difficult time is often made better by going through memories that you’ve shared as friends and family members, and finding photographs, keepsakes, and hand-written notes is a great way to infuse a positive spin on the mourning process.
Much of the time, this is done before the funeral takes place, since you may want some of these keepsakes and pictures to display at the ceremony or to give to a loved one who will be in attendance. Some families also wait a few weeks in order to have the time they need to sort through items or even to determine who gets what, as determined by the will.
Both situations are just fine, and only you can determine for certain what works best for your family. However, one thing that remains the same regardless of your background and situation is just how precious family heirlooms can be.
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