Life Events

Loss of a Loved One
Gather documents
Among the first things you need to do is to gather all important papers. Documents from the deceased that you are most likely to need include:
• The will
• Insurance policies
• Bank and investment account records
• Canceled checks
• Stock certificates
• Marriage license
• Birth certificate
• Social security card

In the first few months following a death you may need multiple copies of the death certificate. If the deceased was your spouse, you may also need to provide your social security number and birth certificate and that of any dependents as well.

Review your loved one's life insurance

There are four types of life insurance.

• Individually purchased life insurance
Look for policies, paycheck stubs, check books for proof of existence. Contact the life insurance company to determine how payment to the beneficiary(ies) is made.

• Group Life Insurance
The deceased may have been covered under this type of plan if he or she was employed at the time of death. Contact the employer's office to see if such coverage existed and how to apply for death benefits.

• Association Policies
Your loved one may have been covered under one or more association policies. These are generally group plans that yield modest benefits due to membership in a professional association. Contact the association representative to determine if any coverage was offered to its members.

• Credit Life Insurance
This includes mortgage and credit card insurance to pay off the deceased's outstanding debt. In addition, you should consult with your insurance company for more information and assistance with any policy or payout details.

• Retirement Plans
Death benefits may be available from a company pension or annuity plan. Check with any current or previous employers for survivor benefits. Contact the retirement plans representative for information.
If you are the beneficiary of both life insurance policies and retirement plans, you should consider claiming the insurance benefits first. The payment choices and processing of benefits, as well as tax requirements, are often less complicated. However, both present you with questions as to how you want the benefits paid. Before you make these decisions it is important to consider your immediate and long-term financial situation, including tax liabilities.
If the deceased was employed at the time of death, you may also be the beneficiary of health or accident insurance, or benefits from a union or professional organization.

File for Social Security Benefits
You must file a claim to receive social security benefits, as they are not paid automatically. Generally, if the deceased contributed to social security for the required period of time, you could be eligible for benefits as a spouse or dependent child. Contact your local Social Security office for information.

Check for Veterans Benefits
Veterans are entitled to a free burial in a national cemetery; grave markers are free of charge if they were receiving benefits at the time of death. If so, they may also qualify for a contribution toward burial in a private cemetery. Educational assistance and medical care may also be available to dependents.

Contact the local Department of Veterans Affairs (VA) to determine which benefits you may be eligible to receive.

Titles and Property--Change of Ownership
You may need to transfer ownership or change the title on property, cars, stocks, bonds, etc

.Ownership considerations include:

If you owned a house with the deceased, you will be responsible for any outstanding mortgage. All or a portion of the outstanding balance may be payable by insurance.

• If you own insurance policies and the deceased was listed as beneficiary it will be necessary to adjust the beneficiaries to dependents or some other family member or person of your choosing. This is a good time to decide if you will need your own or additional insurance.
• Cancel any credit cards solely in the name of the deceased. Any outstanding balances should be paid by the estate or credit card insurance.
• If in your will you leave any property to the deceased, the beneficiary should be changed as soon as possible.
• Check with your bank if you had any joint accounts with the deceased. In most states ownership on joint accounts will immediately pass to the survivor; however, some states freeze joint accounts upon notification of death until proper paperwork and proof of death are submitted. Contact your bank for information about joint accounts in your state. Any bank accounts solely owned by the deceased generally must go through probate before funds are released.

Review Annuities Options
If your loved one owned annuities which named you as the beneficiary, you are entitled to receive the death benefit. You may have the option to receive payments in a lump sum or in installment payments. If you are the spouse of the deceased, you may also be able to take the annuity over. In most cases, the beneficiary can either receive the money in lifetime income payments or withdraw it within five years. If the deceased was receiving income from the annuity at the time of death, the remaining benefits will be distributed to the beneficiary.

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