Posts Tagged ‘legal issues’

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Funeral Planning Warnings

Friday, March 4th, 2011

Funeral Planning WarningsFuneral 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

What To Do When Someone Dies: Life InsuranceLife 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

What To Do When Someone Dies: Stocks and InvestmentsOne 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

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

What To Do When Someone Dies: Debts and BillsFew 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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What To Do When Someone Dies: Bank Accounts

Monday, January 10th, 2011

What To Do When Someone Dies: Bank AccountsIn the event of the death of a loved one or friend, there is so much more to deal with than just the emotions and pain of the passing. The harsh realities of modern life mean that anyone who leaves the world almost always also leaves behind a number of accounts, financial documents, and paperwork that has to be sorted through.

Although funeral pre-plans, wills, and power of attorney orders can go a long way in putting your affairs in order before you die, most people don’t have the luxury of preparing for their own death. This series of articles should help you to determine how and when to tie the loose ends associated with money, real estate, and other accounts following the death of a relative.

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Funeral Planning and Consumer Rights

Thursday, November 11th, 2010

Funeral Planning and Consumer RightsDue 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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Legal Issues That May Arise After Death

Thursday, January 14th, 2010

Legal Issues That May Arise After DeathThe death of a loved one can be one of the most trying times in a person’s life.  Between planning for the funeral, gathering friends and family together to grieve and dealing with your own emotions, it can undoubtedly be an exhausting and trying time.  However, it’s important to remember that the time after your loved one’s death is crucial to your own financial and legal well-being, and there may be several issues and affairs of the estate that need to be addressed once the funeral is over.

Of course, one of the most common legal issues that arise after the death of a loved one is that of finances, especially when it comes to any debts or unpaid bills that are left behind.  If your loved one leaves behind a will and an estate with clear instructions as to how assets should be allocated, then there shouldn’t be many legal ramifications for you and your relatives.  If there’s no will, however, then it might be a good idea to hire a lawyer and an accountant, as you’ll encounter several legal and financial issues when dividing assets amongst relatives, creditors and lenders.

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