The emotional trauma of dealing with a loved one's death can be devastating. If you must also handle the financial aspects, it can seem overwhelming to deal with all the details. Following is a checklist of items to consider:
- Your most immediate concern will be to notify family and friends of the death and make funeral arrangements. If you aren't sure of the deceased's burial wishes, look for a letter of instruction or a will that details preferences. You'll probably need to contact a funeral home as well as your loved one's religious organization. An obituary will need to be prepared, a burial site may need to be purchased, and death certificates must be obtained.
- If a surviving spouse and/or minor children are involved, evaluate their means of support and determine whether care for dependents needs to be obtained. In terms of the loved one's home, you may need to deal with security at the residence, provide for the care of pets, send mail to another location, and arrange for the care or disposal of perishable property, such as plants and food.
- Locate any safe deposit boxes and follow necessary procedures to have them opened.
- If the deceased was employed, contact his/her employer to start the process of collecting any outstanding pay, life insurance proceeds, or other benefits. If he/she was retired, notify Social Security and any pension plans.
- Locate important documents, including wills, trusts, deeds, investment records, insurance policies, business and partnership arrangements, and other evidence of assets and liabilities.
- Meet with an attorney to discuss the deceased's estate matters. Depending on the estate's complexity, you may need to retain an attorney, accountant, and/or financial advisor. While you may be hesitant to spend the deceased's funds on professional services, these professionals have experience dealing with the financial matters of estates and can help significantly with the process.