Handling the Money When Someone Dies
No matter how much advance funeral planning takes place, the death of a loved one will always leave a paper trail behind. Bank accounts, social security and retirement benefits, life insurance policies, electric and utility bills…all these things have to be taken care of in the weeks and months following your loss.
To help you navigate the process, we’ve complied our most helpful and in-depth articles about what to do with financial accounts when someone dies.
How to Get Started
If you’re just beginning to navigate the tricky financial waters caused by a loved one’s death, we suggest you start with our What to Do When Someone Dies guide. This series will walk you through the entire process, including such topics as:
- How to handle bank accounts when someone dies, including accessing, closing, transferring, and even finding them.
- What to do about the debts and bills the deceased left behind, including which ones you will be responsible for.
- How to deal with real estate transactions or to break up an estate that will be divided among siblings.
- Wading through the tricky waters of Social Security and other government organizations to ensure you’re getting your fair share.
- Coping with stocks and investments that could provide your income for the next few years.
- Getting access to your life insurance money in a timely and professional manner.
This information can be quite a bit to slog through (especially if you’re still reeling from your loss), but it’s important that you know your rights and responsibilities regarding the money the deceased leaves behind.
Other Financial Issues Related to Funerals
Of course, even after you’ve closed all the necessary accounts and accessed retirement plans, you may have additional questions and concerns, including:
How can I prevent identity theft of my deceased loved one?
What are the common legal issues that arise after death occurs?
Are funeral expenses tax deductible?
While we hope you’ll find everything you need here at iMortuary, it’s also important that you feel confident in talking with your own financial advisor, lawyer, or banking representative. Because so many financial issues vary depending on where you live and the circumstances surrounding the death (and the deceased’s will), it’s always a good idea to seek formal advice before you sign any documents or make any concrete plans regarding money.
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