When you serve as the executor of the estate, one of your duties is to handle the finances of your loved one. However, working through another person’s finances can often be a complicated process, and you may not always know where to start.
According to Nerd Wallet, one of the first things you should do is talk to your loved one’s financial planner. While the deceased may have provided you with bank passwords at an earlier date, you may not understand all of the financial resources. The financial planner can tell you what kind of investments your loved one had and who you need to contact for each account. In some situations, this professional may be able to help you reach out to each financial institution.
Speak to employers
One of your tasks as the executor is to file taxes for your loved one. As you work through the deceased’s finances, you should reach out to this person’s former employer. A representative from the human resources department can answer your questions about any benefits that the company provided. This person can also make sure that you receive all the necessary tax documents.
Contact the right departments
Your loved one may have received several different types of government benefits. Insider says that you need to alert each department about the death of your loved one. The Social Security Administration and Veterans Affairs may continue to pay benefits each month. You may need to refund any money received after your loved one’s death. This process is usually easier if you reach out to these departments as soon as possible.
Additionally, you should contact each credit card company. Sometimes, outside parties try to use the credit card information of the deceased. Notifying the companies about the death early on helps eliminate the possibility of credit card fraud.
You may want to remain in contact with a financial professional who can provide guidance as you go through this process.