You may have encountered this before: we think we’re prepared for an event and then realize that we are not fully ready to deal with all of it.  I’m finding this personally true in the passing of my mother-in-law.  I hope to pass along some helpful experience and knowledge from Dorothy’s passing as well as the experience I’ve had as a financial advisor dealing with client relationships in a time of loss. 

There are two critical documents that will be needed immediately.  First, getting an official death certificate to provide legal proof that the person is deceased.  This is issued by the state where the person passed and is often available within 14 days of the date of death. 

Secondly, locate all existing estate planning documents such as a will, trust documents or other instructions that express the deceased person’s wishes. These documents establish not only who will inherit what but also the parties responsible for carrying that out.  If the deceased had not prepared a will or other means to distribute their estate, then the intestacy rules of the state will apply to the estate. 

After these documents have been located, notify all financial institutions, such as banks, insurance companies, investment firms or pension funds where the deceased had accounts, policies or other business transactions.  This includes the Social Security Administration or other pension entities like the Texas Teachers Retirement System.  These institutions will most likely require a copy of the death certificate. 

Next, get a handle on the deceased person’s cash flow, especially the bills.  Mortgage and car loan payments, utilities and any other regular expenses need to be stopped where possible or continued as needed.  Having computer access with login and password information is very helpful. 

Note that many accounts such as bank checking or savings accounts, IRAs, and work-related retirement accounts like 401(k)s or 403(b)s, may bypass a will or trust if they specifically name a beneficiary or transfer upon death. 

If the deceased had a life insurance policy, in most cases, a copy of the death certificate along with instructions regarding how the death benefits are to be paid to the beneficiary should be processed quickly.  A benefit to doing this is the beneficiary receives the death benefits tax free.  

While these are the major items that need to be dealt with, each estate situation is unique.  So be flexible and take time for yourself as this process unfolds.  It’s a challenging time emotionally and even normal tasks can be difficult.  Please remember, these are the final acts of love that you can do for this special person, so without fear, do your loving best.