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Friday, July 24, 2015

What to do when a Family Member Dies

The passing of a loved one or spouse changes life forever. Shock and grief can overcome a family, which can halt important decision making. It is important to follow these steps after a loved one passes.

1.Call your family member’s employer or past employer

  • Notify the employer of the bad news because there could be retirement savings or pension payments.

2. Consult a lawyer.

  • A lawyer can assist with the organization of financials. Grieving people can be too emotionally overwhelmed to deal with complicated issues.

3. Call social security if you have been widowed.

  • There are survivor benefits available if your spouse received social security and you did not. If you already receive social security there could be more benefits available.

4. Request or gather important documents of your loved one.

  • Recent credit card statements, birth certificate and death certificate, last two year  tax returns, insurance policies, investment documents (401(k) etc), last checking and savings account statements, last mortgage statement, and a credit report.

5. Consider and plan for your future.

  • This is the most important step, many times after a loved one passes purpose is hard to find. Planning financials and the future will help put the purpose back into your life.

Posted by: Patrick Carroll at 9:54 AM
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This material is intended for historical purposes and may be outdated. Its contents should not be relied upon as current information. For more up-to-date information regarding these topics, contact your financial professional.

All information herein has been prepared solely for informational purposes, and it is not an offer to buy or sell, or a solicitation of an offer to buy or sell any security or instrument or to participate in any particular trading strategy. Securities offered through Triad Advisors, member FINRA/SIPC. Advisory Services offered through ACI Partners, LLC. ACI Partners, LLC is not affiliated with Triad Advisors.