The loss of my beloved husband Steve has changed my life, my world. As much as I thought I would be ready, no words can describe the loss my family and I feel in our hearts. Gradually, I'm taking the necessary steps to redesign my lifestyle. While we may have different ways to express and process grief, nothing beats presence and active listening especially on days that may seem harder than others.
While going through the process, I have learned a few insights especially when dealing with your family's estate. You may want save or share with anyone you know who may be going through the journey. Here are some practical tips that you may find helpful..
- Request for a minimum of 5 certified copies of the death certificate. You will learn that institutions only accept certified copies and you want to be ready when they ask.
- If employed, notify the employer, and obtain documents for benefits if applicable, including group life insurance, health insurance, and 401(k)/403b retirement plans.
- Contact the life insurance company and submit your claim with the certified death certificate. Money received can aid in service fees during this time of hardship.
- Retrieve your Wills and Trusts. Review the documents with your estate planning attorney to begin the estate administration process. Your attorney will assist with updating the documents. If for some reason probate is required, your estate attorney can assist you with this process.
- Contact your tax accountant/CPA. They may counsel you on the actions you may need to take for your own Financial House.
- Contact your financial advisor/wealth manager. They will help account for your total estate. Joint investment accounts can be evaluated for step-up values based on the underlying holdings. Other tasks including updating account registrations, beneficiary changes, and updating financial plans will need to be performed.
- Contact the bank to update checking and savings accounts.
- Contact a certified real estate appraiser if you owned and lived in your home. It is important to obtain a certified document for the appraisal of the fair market value (FMV) of the property. This step-up in value at the date of death may offset taxable capital gains should you sell the inherited asset in the future.
- Update your home and car insurance policies.
- Utilities: gas, electric, garbage/sewer; updating accounts and payment information.
- Subscription-based accounts: updating accounts and payment information. i.e., Amazon, Costco, Netflix, etc.
- Most importantly, take time for yourself. If there are items here you can delegate, please do so. Lean on your family, friends, and network to help you rebuild your confidence and your renewed lifestyle, one step at a time.
I have been blessed and forever grateful for the unconditional love and support from many families and friends through it all. I hope these insights, tips and reminders may offer a bit of ease for you during this challenging transition.