Financial Checklist After the Death of a Loved One

Summary

• Gather certified copies of the death certificate and organize estate, insurance, tax and financial records.
• Identify the executor or other person responsible for the estate and understand the probate steps that may apply.
• Notify financial institutions, insurers, benefit providers and government agencies about the death.
• Protect credit and digital accounts, then review ongoing bills and the household budget.

When someone close to you dies, financial tasks may need attention at the same time you are managing many other responsibilities. There is no need to handle everything at once. When you are ready, organizing the work into a clear checklist can make it easier to see what needs to happen next.

Gather the Documents You May Need

A death certificate is one of the first documents you may need. Financial institutions, insurers and other organizations may require a certified copy before they can close an account, process a claim or make other changes. The funeral home can often help you obtain copies, and it may be useful to request several certified copies when an electronic copy will not be accepted.

Locate the will, trust documents or other records that describe the deceased person's wishes. You may also need records that help identify accounts, property, debts, insurance and benefits.

Common documents to gather include:

• Death certificate, birth certificate, Social Security card and marriage certificate
• Will or trust paperwork
• Life insurance policies
• Tax returns
• Bank statements and investment statements
• Pension and retirement plan statements
• Loan, credit card and mortgage statements
• Vehicle titles
• Home, auto, renters, health and other insurance records
• Military service records, when applicable

Confirm Who Is Handling the Estate

Determine who is responsible for settling the estate. If there is a valid will, it may name an executor. If there is no will, a court may appoint an administrator. A legal representative may also help explain the process and the requirements that apply in your state.

Probate is the court-supervised process used to settle an estate. The process varies by state, but general steps can include:

• Validating the will
• Appointing the executor or another fiduciary
• Identifying and valuing property and other assets
• Paying estate debts and completing final tax filings
• Distributing remaining assets to beneficiaries according to the will or applicable state law

Notify Financial Institutions & Employers

Review account records, retirement statements and insurance documents so you can identify the organizations that need to be notified. Contact each financial institution to ask what documentation it requires and what steps apply to accounts held solely by the deceased, joint accounts and accounts with named beneficiaries.

Some accounts may have transfer-on-death or payable-on-death instructions. If those designations are in place, the financial institution can explain its process for transferring the account to the beneficiary.

Contact retirement plan or pension administrators if the deceased was receiving benefits. Ask whether payments will stop and whether a beneficiary may qualify for survivor benefits. If the person was employed, contact the employer's human resources department as well.

Review Insurance & Survivor Benefits

Contact each insurance company to request the forms needed to file a claim. A death certificate and policy number may be required.

In addition to an individual life insurance policy, check for other possible coverage or benefits, including:

• Group life insurance through an employer
• Accidental death coverage connected with a credit card
• Travel insurance with accidental death coverage
• Veterans life insurance or survivor benefits
• Benefits available through a professional association or fraternal organization

Review other insurance policies, including home, auto, renters and health coverage, to determine whether the deceased needs to be removed from a policy or whether other changes are required.

Contact Government Agencies

Report the death to the Social Security Administration. A funeral director may do this as part of the funeral process, but it is worth confirming that the report was made. Social Security benefits are not payable for the month of death, so a payment already issued for that month may need to be returned. Surviving spouses and dependent children may also want to ask about available death or survivor benefits.

If applicable, contact Medicare or the Department of Veterans Affairs about stopping payments or understanding survivor benefits. Contact the appropriate state agencies about the deceased person's driver's license and voter registration, and contact the U.S. Postal Service if mail needs to be forwarded.

Protect Credit & Digital Accounts

Taking steps to protect against identity theft can be part of settling a loved one's affairs. Notify the major credit reporting agencies of the death and follow their instructions for the documentation they require. A spouse or legal representative may be asked for the death certificate and identifying information for both the deceased and the person making the request.

Review the deceased person's credit information for unfamiliar activity or debts that may need attention. Continue monitoring for activity that could indicate fraud.

Take an inventory of social media, email and other online accounts. Before deleting anything, consider whether the account contains information or records you may need later. Each platform has its own rules for memorializing, deactivating or deleting an account.

Cancel or Transfer Ongoing Accounts

Review mail, email and account activity for subscriptions, memberships, utilities and other recurring charges. Determine which accounts should be paid, canceled or transferred to another name.

Keeping a simple list of the organization, account type, contact date and next step can make it easier to track what has been completed and what still needs attention.

Rework the Household Budget

If the death changes household income or expenses, you may need to make a new budget even while the estate is still being settled. Start with the income and essential expenses you expect in the near term, then adjust the plan as more information becomes available.

When you are ready, review your long-term financial goals and consider whether they need to change. A trusted professional can also help you work through financial, legal or tax questions that depend on your circumstances.

Frequently Asked Questions

How Many Death Certificates Should I Request?

The source recommends requesting multiple certified copies because some organizations may not accept an electronic copy. The number you need will depend on the accounts, claims and institutions involved.

What is Probate?

Probate is the court-supervised process for settling an estate. It can include validating a will, appointing an executor or administrator, identifying assets, paying debts and taxes, and distributing remaining property to beneficiaries. The process varies by state.

Who Should Be Notified After Someone Dies?

Depending on the person's circumstances, notifications may include financial institutions, retirement or pension administrators, insurance companies, an employer, the Social Security Administration, Medicare, Veterans Affairs, state agencies, the U.S. Postal Service, credit reporting agencies, utilities and other recurring service providers.