YOUR FUNDS
Things you need to do when someone dies
REBECCA WARREN is a certified financial planner and certified senior adviser in Mesa. She can be reached at (480) 357-8380 or by e-mail at rebecca@warrenfinancialservices. com.
When someone dies, the tasks facing the survivors can seem overwhelming. A survivor’s job can be made easier if he or she has the following information:
• Survivors should consult an attorney experienced with the laws of the state where the deceased resided.
• First things first. Taking care of funeral and burial needs is often the most urgent priority. In many states, the person with authority to deal with the funeral home is the person named in the will as executor (also known as personal representative). Therefore, it is helpful to look through the deceased’s papers to find if there is a will or trust. You should also be looking for a prepaid burial plan, membership in a memorial society or other written instructions regarding funeral arrangements.
• Safeguard the property. Take whatever steps are necessary to keep the deceased’s property safe. This may include changing the locks or, if necessary, putting property in storage. Take care not to distribute the deceased’s property among family members too soon. Even personal property, such as furniture and jewelry, may be needed to settle debts or may be a source of contention later among the heirs.
• Entering the safe deposit box. If you believe the will is in the deceased’s safe deposit box, you may approach the bank about searching the box for a will. If someone else’s name is on the box, that person may enter the box at any time. Otherwise, most states permit an heir or beneficiary to ask the bank to search for the will, a deed to a burial plot or burial instructions. In that case, a representative of the bank will open the box in the presence of the heir or beneficiary and remove any will that is found. The bank will retain possession of the will and forward it to the court.
• File the will. The law in most states requires that, when the original signed will is found, it must be filed with the appropriate court where the deceased lived. In some instances, the will may already be on file with the court.
• Consider whether a probate is needed. In most states, a probate will not be needed if the deceased did not own any real estate and the total of the deceased’s property is less than a certain amount. A probate attorney can advise as to the amount applicable in your state. If a probate is not needed, the deceased’s property can often be distributed in accordance with an affidavit or similar document. Many state motor vehicle departments have a form affidavit to transfer the deceased’s car when the estate is too small to require a probate. Warning: If a probate is needed, the person entitled to serve as executor must first be appointed by a court. Therefore, consult a lawyer or the probate court where the deceased lived soon so that the appointment of an executor can take place.
• Death benefits. The mortuary may assist you with the paperwork for both Veterans Affairs and Social Security benefits. The deceased’s papers may provide information about other benefits, such as life insurance or pension payouts. For more information: “What to Do When Someone Dies” by the Colorado Bar Association, www.cobar.org/group/ display.cfm?GenID=425 and “So Now You are a Personal Representative,” by the Colorado Bar Association,www.cobar.org/ group/display.cfm?GenID=422.
