“Ask the funeral home for 15 to 20 copies of the death certificate,” Sandra Block advises the recently widowed in a Kiplinger Magazine piece.. The copies will need to be submitted to various financial institutions to document the death, she explains.
Other important reminders include:
- notifying the Social Security Administration (the funeral home might provide that service); surviving spouses are eligible for a one-time death payment of $255
- reporting the death to the providers of the decedent’s Medicare Supplement and Part D prescription drug plan so charges will stop for the plan
- contacting the spouse’s current or former employer (survivor might be eligible for pension or company-provided death benefits)
- sending copies of the death certificate to spouse’s credit card providers, requesting to close the account
- sending death certificates to the three credit bureaus (Equifax, Esperian, TransUnion), putting a freeze on the spouse’s credit
- cancelling the spouse’s driver’s license
- closing email and website accounts, especially if they are linked to a credit card or bank account.
- checking to see whether the spouse was subject to Required Minimum Distributions from an IRA or other tax-deferred account (if so, RMD must be taken by the end of the year of the decedent’s death)
Every one of these reminders is important, but, as our Geyer Law estate attorneys well know, collecting and managing an estate can involve much more than those immediate errands and tasks. Estate administration involves:
- gathering property
- distributing assets
- making sure the deceased’s last wishes are granted in terms of their property and possession
- navigating the probate process
- dealing with any family member who contests the will
- satisfying any creditors’ claims
“In the hierarchy of stressful life events, losing a spouse consistently ranks as the most traumatic crisis most individuals will ever experience,” Bullock writes.”It’s not uncommon for widows and widowers to feel confused and fearful.” For that reason, she adds, surviving spouses should postpone making major financial decisions until they’ve had time to process the loss. In the meanwhile, what with all those errands and tasks connected with estate administration, it can be reassuring to have the help of experienced Indiana estate attorneys.
– by Cara M. Chittenden, Attorney with Rebecca W. Geyer & Associates.
