Kiplinger’s recent article entitled “Moving Forward Financially After the Loss of a Loved One” says that there really are no rules about how you should feel or how long it will take you to regain your energy and ability to move forward. Grief is difficult to avoid, but there are many financial and legal tasks that will require your immediate attention. Here are some of the actions that can ease this process and help you to get back on track financially.

Here’s a breakdown of what you will need to address in the near future:

• Gather important information, such as the deceased’s Social Security number, birth certificate, marriage certificate and military discharge papers.
• Obtain at least 10 copies of the death certificates, because each claim will need to have an original copy of the death certificate attached.
• Inform the Social Security office about the death and file a Social Security benefits claim form to qualify for the death benefit.
• Find the title to any automobiles
• Print out up-to-date statements for bank, brokerage and retirement accounts.
• The executor should file the deceased’s will (if there is one) with the Probate Court.
• The executor should obtain letters testamentary from the court.
• File a death claim with the deceased’s life insurance company, if applicable.
• Contact the Employer’s Benefits department about survivorship pension, health insurance, unpaid salary and life insurance benefits, if applicable.
• Prepare a preliminary monthly budget and income summary.

You should seek the advice of an experienced estate planning or probate attorney. You should also retitle any joint accounts into your name and transfer any inherited IRA into your name and take out a required minimum distribution (RMD), if applicable. New beneficiaries should also be named and deeds for any real estate jointly held with rights of survivorship updated.

You need to file a federal estate tax return within nine months.

Don’t face these challenges alone. Contact an experienced estate planning lawyer for help.

One of the main goals of our law practice is to help families like your plan for safe, problem free, and successful transfer of assets to the next generation.  Call our office today to schedule a time for us to review your estate plan and identify the best strategies for you and your family to ensure your legacy of love and financial security.  Our office is located in Santa Ana, CA but we serve all of California including Irvine, Orange, Tustin, Newport Beach, and Anaheim.

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Reference: Kiplinger (Jan. 8, 2020) “Moving Forward Financially After the Loss of a Loved One”