Common Questions and Answers

The death of a loved one is a trying time. Making funeral arrangements, coping with grief, and finalizing the deceased's estate can take time and energy when you have little to spare. To help, here is a list of the first steps you should take after the loss of a loved one.

1. Call the funeral home. Make arrangements with the funeral home. Bring along (if applicable) the deed to the grave plot, military discharge papers (this provides a small stipend for burial and an American flag), and/or any written instructions on the deceased's viewing and burial preferences. Typically, family and friends call the funeral home to learn all the arrangements, including treatment of flowers and preferences regarding charitable donations (i.e. American Heart Association, American Cancer Society, plant a tree, etc.)
2. Write obituaries. Jot down pertinent information about the person's life, education, career, military service, notable achievements, etc. to assist the funeral director in compiling information for the obituaries in local newspapers. Resumes can be helpful in this process.
3. Obtain death certificates. Ask the funeral director for as many copies of the Death Certificate as there are accounts or assets in the deceased's name - when in doubt, ask for at least 10 (e.g. When you contact a credit card company to transfer the account from joint to single name, they are likely to request a copy of the Death Certificate.)
4. Review Last Will and Testament. Everyone should have an updated Will because it gives the deceased the greatest hope that his or her wishes will be carried out upon death. Original copies of Wills should be kept in the attorney's Will safe or in a fire-proof safe at home - NEVER in a safe deposit box, as the box may be "frozen" at death. This results in a dilemma because the Will tells the Court who has access to the safe deposit box and if it is frozen, the heirs can get tied up in red tape.
5. Contact former/current employers. Ask the human resources department to mail benefit summary and distribution information on any or all of the following: life insurance, accident insurance, profit sharing plan, retirement plan, flexible spending plan, etc. Go back to every employer that person has had and you may discover a pension or annuity benefit that the deceased forgot to document.
6. Contact Social Security. Contact the local Social Security office and notify them of the death.
7. Contact life insurance and annuity providers. Obtain any policies and process death benefits. Your funeral director can assist you in this process.
8. Access safe deposit box. The executor may want to access the safe deposit box to retrieve any instructions, policies, etc. and valuables that may be stored there. Naturally, this presumes that the deceased thought ahead and let this person know where to find the key! In order to access the safe deposit box, you will need a Power of Attorney.
9. Pay the bills. Utility, credit, mortgage, and other payments should continue in a timely manner after death. The executor needs to ensure that these payments are made and that a record of all expenses is kept up-to-date, as the accountant will need this when filing the returns.
10. Notify the post office. If you are the executor, you will want to forward any future mail to your address. Also, utilities and subscriptions will need to be cancelled.
11. Change ownership. While you are settling the estate, bank, brokerage and other accounts, you will need to have the ownership changed. If there is no surviving spouse, it will be placed in the estate name (e.g. "Estate of Steve Jones"). In most cases, if there is a surviving spouse who is the heir, assets will need to be switched from a single or joint name to the name of the surviving spouse. To do this, you will need a copy of the death certificate.

*** The preceding information has been provided for informational purposes only by New York Life Investment Management.