Losing a loved one: A checklist of tasks to consider
Managing Director, Head of Wealth Planning and Advice, J.P. Morgan Wealth Management
- Requesting extra certified copies of the death certificate early may save you steps later, since many accounts and policies ask for one.
- Arranging care for your loved one’s pets and having someone stay at the home during the funeral may help take a few worries off your mind.
- During this difficult time, it may help to lean on your or your family’s legal, financial or tax professionals as you review next steps.
The loss of a loved one is an incredibly difficult and stressful time. Having a list of items to take care of, and preparing in advance as much as possible, may help make those trying moments a little easier. Some items you may want to consider include the following:
Obtain death certificates – and get more than you think you’ll need
In general, it may be easier to obtain death certificates through a funeral home early in the process, rather than waiting. It is often better to order extra copies. You may need certified copies for life insurance policies, bank accounts, certificates of deposit (CDs), investment accounts, credit card accounts, mortgages, Social Security and more. Retain extra copies, since they may be needed to prove your loved one’s death in other, later proceedings.
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Find care for pets
It is important to arrange care for your loved one’s pets as quickly as possible, whether with a family member, friend or boarding facility. If your loved one left instructions for their pets, such as in a will or pet trust, try to follow them.
Arrange for a house sitter during the funeral
Thieves may target homes based on information in obituaries, which often includes funeral arrangements. Consider having someone you trust stay at the home during the funeral and other services.
Notify anyone holding a power of attorney
A power of attorney ends when the person who granted it (the principal) dies. An agent, or attorney-in-fact, can no longer act on the principal’s behalf. That’s why it may be important to notify anyone who believes they can act under a power of attorney.
Gather important documents
Locate wills and any codicils, trusts, amendments and other estate planning documents. Gather documents related to assets and liabilities, including statements for bank and brokerage accounts, credit cards and mortgages, as well as life insurance policies, safe-deposit box information, tax returns, and bills for subscriptions, membership dues and utilities.
In addition, gather information on digital assets, such as photo storage accounts and online financial accounts like PayPal or online banking. If you have the authority to do so, consider canceling subscriptions, memberships, credit cards and other recurring payments.
Contact a lawyer
Depending on the circumstances, you may need to begin probate proceedings after your loved one’s death. Probate is the court-supervised process of settling an estate. An attorney can help you determine next steps, especially if there are emergency costs that must be covered.
Investigate death benefits
Social Security and life insurance may not be the only sources of death benefits. Unions, veterans’ organizations, pension plans, annuity providers and others should also be checked. This may also be a good time to make sure that your own beneficiary designations, including those for life insurance policies and retirement plans (such as 401(k)s and IRAs), are up to date. If your filing status or household has changed, you may also want to update your tax withholding on Form W-4.
Keep records of payments and expenses
Keeping good records of payments and expenses you make on behalf of your loved one’s estate may make it easier for you to get reimbursed by the estate. Certain estate administration expenses may also be deductible on the estate’s federal estate tax return or its income tax return, but generally not both.
Look into employee benefits
If your loved one was working or retired, contact their employer’s human resources department. Possible benefits include a final paycheck, accrued vacation pay, group life insurance, death benefits, deferred compensation and more. Some of these benefits could be paid to your loved one’s estate or to specific beneficiaries.
Consult an advisor
During this difficult time, it may be especially helpful to talk with your – or your family’s – legal, financial or tax professionals to review next steps and the options available to you.
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