A Loved One Has Died …Now What?
Losing a loved one can be emotionally and financially devastating. Follow these tips to make managing the financial aftermath easier.
The death of a loved one is trying enough without the added burden of dealing with financial matters related to your loved one's death. Psychologists rate the death of a loved one the most disruptive life event.
These tips may help you deal with the financial aftermath of losing a loved one.
Get organized.
Gather any paperwork related to your loved one's finances, such as:
· Death certificates
· Wills/estate planning documents
· Funeral expenses
· Outstanding medical bills
· Life and health insurance information
· Bank accounts
· Retirement plans
· Employee benefit paperwork
· Military service documents
· Other important paperwork
Get help.
Ask a legal or financial expert to help you organize your loved one's finances, get advice about any financial or legal decisions, work with any creditors, government agencies, or financial institutions, and plan for the future. Consider a second opinion if you get any advice that may not seem right for you. In addition, legal or financial experts may recommend other resources for dealing with your loss.
Make priorities.
Your first priority is taking care of yourself physically and emotionally. You can make better financial decisions if you keep your mind and body in top shape.
Some bills may need to be paid right away and some decisions may need to be made right away. Other bills may not need to be paid right away and other decisions may not need to be made right away. For things that don't need to be taken care of immediately, it may make sense to wait until you've emotionally recovered from the loss of your loved one to make decisions or take action.
Establish credit in your own name.
If you have lost a spouse and haven't applied for credit on your own in a long time, it's important to establish your own credit history. A credit card or small personal loan is a good way to begin building your own credit record.
Look into personal loans to help with final expenses.
A personal loan may be an option to help you with your loved one's final expenses. For more information about personal loans, visit our Personal Loans page.
Consider home equity loans or lines of credit, too.
A home equity loan or line of credit may also be able to help with final expenses. Visit our Home Equity page to find out more about our home equity loans and lines of credit.
Remember your loved one.
Your loved one may have had some final wishes. It's important to make sure those wishes are carried out to make your grief process easier.
Protect yourself.
Make sure you get any promises or details about any financial transaction in writing, ask legal or financial experts to help you understand anything that isn't clear, and avoid agreeing to anything that seems too good to be true or too easy to do.
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These are general recommendations not applicable to all financial situations. Every financial situation is unique. Further, the suggestions and recommendations contained within the content provided are not an assurance of any future result. Be sure to discuss your specific financial circumstances with a legal or financial expert. Contact us for more information.
