Losing a Loved One: A Checklist to Help You Through the Challenge

The loss of a loved one is among the most difficult ordeals you can face. Beyond the emotional stress, there are often many details that must be handled—some immediately. The following general checklist is intended to be a useful resource to help you navigate such a challenging time.

It’s worth noting that, if you have—or if your loved one had—a Corient Wealth Advisor, they may be able to help guide you through the entire process and may even handle some or all of the details for you, as appropriate and applicable.

First things first (what to do immediately)

• Contact a funeral home to make arrangements for funeral preparations and payment. If the death occurred in a hospital, nursing home or assisted living facility, the medical or facility staff will coordinate with your chosen mortuary or funeral home to transport the body. 
  • Arrange for someone to be at your home during the funeral, since burglars read obituaries and funeral notices to target empty homes.
• Request 10-20 certified copies of the death certificate from the funeral director or obtain them from the County Clerk’s office (a small charge may apply). If you want non-certified copies, ask the funeral director.
• Locate important documents including, but not limited to:
  • Funeral or burial plans 
  • Will, trust or other estate documents
  • Safe deposit records and keys
  • Life insurance policies, bank account statements, bank account checkbooks, financial (brokerage) account statements, pension or retirement account statements
  • Income tax returns (if you cannot find them, your loved one’s accountant should have copies)
  • Credit card, utility, phone, insurance, homeowners’ association (HOA) and any other statements that need to be paid on a timely basis
  • Deeds and/or mortgage statements
  • Military records
  • Birth, marriage, divorce and death certificates
  • Buy/sell agreements, business succession plans, bylaws or articles of incorporation for business interests
• Notify your loved one’s financial advisor, attorney, accountant (and yours) or administrator of their estate of their passing and book meetings as needed.
• Inform your loved one’s employer of the passing

What to do in the next month

• Determine what must be done regarding estate or trust administration, or start the probate process if there is no will
• Contact life insurance provider(s) and request benefits
• Cancel any services that are no longer needed (e.g., cellphones, subscriptions, gym memberships)
• File health insurance or Medicare claims
• Secure your loved one’s digital assets (e.g., social media, email accounts, websites, etc.)

Over the next two to six months

• Start implementing succession plans if your loved one had business ownerships or interests
• Contact providers of auto, homeowner and other insurance policies to close or change the name on the policy
• Change the names and/or beneficiaries on bills, bank and investment accounts, pensions and IRAs, etc.
• Contact all three credit monitoring services (Equifax, TransUnion, Experian) to help ensure no further credit will be established in your loved one’s name
• Assign assets to beneficiaries
• Apply for any real estate tax exemptions/freezes
• Cancel driver’s license and change names on any titles
• Contact Social Security
• Cancel voter registration

Over the next six to nine months

You need to ensure your loved one’s tax returns are filed for the year of their passing. Additionally, if you have inherited wealth from your loved one, you should:

• Review investment portfolio, asset allocation and retirement plan, ensuring your investments reflect your new level of wealth and match your risk tolerance, financial goals and investment time horizon
• Create a new financial plan to reflect your current level of income and expenses
• Determine cash flow and create a budget; review and (if required) amend retirement financial projections
• Review tax planning and then revise or create new strategies if needed
• Evaluate all insurance coverage and then revise, cancel or take out new policies accordingly

Over the next year

• Keep working with your financial advisor to monitor and adjust your financial plan and investment portfolio
• Update your own estate plan and or create a new one
• Think about helping your family via gifting or setting up education funds
• Consider legacy planning through charitable giving to the communities and causes that matter to you
• Continue to nurture meaningful relationships while finding purpose and avenues for fulfillment in your life

For more information on how Corient can help you or your loved ones move forward after a significant life change, please contact your Wealth Advisor.