After Death, Legal and Financial Responsibilities: Part One

by Sharon D. Ravenscroft

When a loved one dies, there are various legal and financial responsibilities that arise. This is the first of three articles to address these responsibilities. This article addresses identifying information and creditors. The next article addresses identifying and transferring accounts. The final article addresses transferring real property.

Whenever you are handling financial matters be prepared to have handy the vital statistical information of the decedent; i.e., date of birth, place of birth, date of death, social security number, dates of marriages or divorces, children or other family members names and contact information.

If the decedent was retired and collecting Social Security benefits, the local Social Security office needs to be contacted so benefits can be stopped. Any checks received after the date of death must be returned, even if the check was deposited electronically in the decedent's bank account.

Collect the decedent's bills and documentation regarding any monies owed. Check for credit cards in the decedent's wallet or purse to verify that all creditors have been found. Remember to identify all health care service providers related to last illness and related care.

Identify the decedent's utilities, cell phones, cable or satellite service, magazines and other periodic services. These services need to be cancelled. However, basic utilities need to remain in service on the decedent's house until sold or distributed. Contact the decedent's home insurance agent to verify how much coverage exists or if a rider needs to be purchased.

These steps should give you the basic information needed to assess the liabilities of the decedent. These bills and expenses will need to be paid by the decedent's assets. Even if the decedent's accounts or property are held as joint tenants with right of survivorship or "pay on death," the decedent's share of the joint accounts must be used to pay the debts.

After Death, Legal and Financial Responsibilities: Part One

After Death, Legal and Financial Responsibilities: Part Two

After Death, Legal and Financial Responsibilities: Part Three