14 July, 2017
We never know when we might lose a loved one, especially a spouse. It can be an extremely emotional time filled with ceremonies, rituals and the need to deal with grief. Unfortunately soon after one also needs to deal with finances. There is quite a bit to deal with after a spouse’s death. Here's a simple checklist:
The Death Certificate
Every office or organisation you contact will request copies of the death certificate. You can apply for a death certificate in the local corporation or governing office, with a doctors’ certificate stating the reason and time of death. Get at least 10 certified copies of the death certificate.
List of Assets
A complete list of all of your spouse's property, including real estate, stocks, bonds, savings accounts, and personal property, will be needed. Land titles, stocks certificates, and other financial papers will also need to be collected and listed.
You will need a copy of the will. Your spouse's lawyer may have the will, or it may be in a safe, a safe deposit box, or with your spouse’s personal belongings. If there is no will or written direction than legalities will need to be looked into.
You will need to look into life, health, home mortgage, accident, and other insurance policies. Any of these insurance policies could be sources of possible benefits or will need to be continued. Vehicle and health insurances will need to be continued if you plan to retain the vehicle.
The next step is to contact various sources of benefits and to make necessary choices about payments.
File claims for insurance policies as soon as possible, especially if finances are a concern. The proceeds from an insurance policy can be paid directly to the named beneficiary. These claims can be processed quickly and are an important source of income for the survivors. Do not succumb to pressure from an insurer to accept one plan or another. Take your time and make the right decision.
If your spouse was employed at the time of death, ask his or her employer about any survivors' benefits. Your spouse may also be due for a paycheck. If your spouse belonged to a union or professional organization, find out if this organization offers death benefits for members. If the death was work-related, you might be entitled to worker's compensation benefits. If your spouse was already retired and was receiving a pension, check with the employer to determine if you will continue to receive a pension.
Various taxes will have to be paid - namely property tax, water tax, and the likes.
CHANGING OWNERSHIP OR TITLE
You may need to transfer ownership or change title of property or revise documents for insurance, taxes, bank accounts, pension plans, investments, etc.
The title of the car or two-wheeler owned by your spouse may need to be changed. You might even have to decide if you want to keep it or sell it away.
BANK ACCOUNTS, SAVING SCHEMES
If you had a joint bank account with your spouse, it would automatically pass to you. Check with the bank about changing the title and signature card on the account. To change stocks or bond titles, check with your stockbroker. If a bank account was held only in the name of your spouse, you will have to submit relevant documents to get them changed.
Safe Deposit Locker
Bank lockers in your spouses’ name will have to transfer to your name and can be done through proper document submission.
Credit cards held exclusively in the name of your spouse should be cancelled. Any payments due on these credit cards should be paid. Your spouse may have used credit cards in both your names or used cards listed only in your name. If so, make the payments due on these cards to keep your good credit rating. Notify the credit card companies that your spouse is deceased and that the card should list your name only.
And yes, it might seem very necessary and right at that moment -but, do not immediately make significant permanent decisions, such as selling your home, moving or changing jobs. You will need some time to consider your situation before you can make these decisions responsibly. If at all possible, do not rush into a decision when you are in such a frame of mind, you might later regret.
Click on to http://www.samarth.community/money-matters for more informations about money matters
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