Archive for the ‘Legal’ Category

Obituaries and Identity Theft

Wednesday, February 29th, 2012

For most people, obituaries are a way to pay a tribute to a loved one and to advertise the time and place of a memorial service. Great time and care is taken to write the obituary in a way that honors the deceased, and a picture is lovingly selected to go along with it.

Unfortunately, not even death keeps predators away. The recently deceased are a target for identity theft, and one way in which people gather information on their victims is to search the obituary page for leads. The damages caused by this kind of crime can be catastrophic—especially for the grieving family. For example, if the spouse or partner of the deceased is still living, he or she may be held financially liable for the theft of monies or credit. It can also be a huge hassle to go through the police and credit agencies to prove that a theft occurred.

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What is the Difference between Burial Insurance and Funeral Insurance?

Wednesday, February 8th, 2012

When it comes time to start advance planning a funeral, you’ll find that there are several options open to you. In addition to purchasing a plot or pre-paying for services, you can also choose to buy a funeral insurance policy. Like life insurance, this policy is paid out at the time of death—though usually in a matter of days rather than months, which helps you to cover the immediate costs of the funeral.

Burial insurance might be another term thrown around as you decide which type of pre-payment plan is right for you. This option sounds more specific than funeral insurance, in that it might be earmarked just for the burial process, but the truth is that both types of insurance are the same. They are flexible and affordable options designed to help cover the costs of interment (either burial or cremation, as the case may be).

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Standard Life Insurance vs. Preneed Funeral Insurance

Monday, August 1st, 2011

When it comes to advance funeral planning options, one of the most common choices is funeral insurance. Like a life insurance policy, funeral insurance allows you to pay premiums during your lifetime with the promise of a payout upon death. Your beneficiary is then able to use those funds to finance your funeral, so that the financial burden is not placed directly onto your family’s shoulders.

How are They Different?

At its most basic core, traditional life insurance is intended to support life. Ranging in amount from a few thousand dollars to millions of dollars, these are flexible financial arrangements that allow you to put a “safety net”under your family. It doesn’t matter whether you’re 25, 45, or 65, life insurance is meant to provide financial support to your loved ones in the event of your untimely death. That is, your family gets the money they need to pay for the mortgage, college, and even daily life as they struggle through a sudden loss.

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Funeral Planning: What is a Living Trust?

Monday, May 9th, 2011

Although much of the information you’ll find online regarding funeral planning has to do with funeral pre-plans and the kind of funeral insurance that allows you to tie your money into a specific funeral home, there are actually many different types of financial and legal steps you can take to secure your estate.

One such option in funeral planning is a living trust. Like a will, a living trust allows you to allocate your money and resources to your dependents. However, unlike a will, this contract can take effect while you are still alive. This not only makes a lot of the proceedings an easier transition, but you can cause your estate to avoid probate so that your family doesn’t have to wait for the legal system to process everything before they gain control of their inheritance.

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Cremation and the Law

Tuesday, March 29th, 2011

When it comes to funeral planning, burials, and cremation, there are quite a few different considerations that come into play. In addition to the wishes of the deceased, there are legal and ethical issues that will impact how and where you are laid to rest. This is one great reason for taking advantage of everything that the funeral pre-plan industry has to offer, since you can ensure that your wishes match local laws before death occurs.

This is especially true if you are choosing to be cremated. Because so many people (your relatives included) might have strong feelings about cremation, it is best to lay out your wishes in advance. The best way to do this is to pre-plan your funeral and pay for the cremation in advance; other options include clearly stating your wishes in a will or end-of-life directive.

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Funeral Planning Warnings

Friday, March 4th, 2011

Funeral planning – whether it’s done as a funeral pre-plan or soon after losing a loved one – is never an easy thing to undertake. In addition to the grief associated with death, there are a number of difficult decisions to make, many of which come with a heavy price tag or other ramifications.

That’s why funeral planning companies that take advantage of consumers are some of the worst organizations out there. Capitalizing on someone else’s grief (and oftentimes to the tune of tens of thousands of dollars) is a horrible crime. And while there are national organizations out there helping to maintain a level of ethics when it comes to funeral plans, every consumer has to be on the lookout for possible scams or that always difficult fine print.

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What To Do When Someone Dies: Life Insurance

Thursday, February 3rd, 2011

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.

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What To Do When Someone Dies: Stocks and Investments

Tuesday, February 1st, 2011

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.

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What To Do When Someone Dies: Social Security and Other Government Organizations

Friday, January 28th, 2011

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.

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What To Do When Someone Dies: Debts and Bills

Friday, January 14th, 2011

Few people die with every bit of their financial affairs in order – even if they left a will or went through substantial funeral pre-planning. That’s because most Americans live on a delicate balance of money coming in, money going out, and money being moved to savings or insurance accounts. And when a loved one passes away, this balance doesn’t go with them. It is up to the dependents and beneficiaries to navigate the many different bills and debts left behind.

Before you pull out your checkbook or start panicking about how you’re going to cover all the immediate expenses, it’s important to learn your rights and responsibilities about paying bills when a loved one dies.

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Archive for the ‘Legal’ Category

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