Steps to Take After a Death

Few things are more shocking than the death of someone close to you, whether it comes from out of the blue or after a prolonged illness. Once your loved one has died, you need to take certain important steps to get the burial and estate processes moving. Moving forward in these matters not only addresses the practical matters of your loved one's passing, it also provides something to latch onto as you begin the grieving process.

Funeral

• The most immediate concern is the remains of the departed. If no arrangements were made beforehand, talk to family members or a member of your local clergy to get a number for a reliable funeral director. In addition to the funeral or memorial arrangements, get a death certificate from the funeral home. You'll want at least a dozen copies to send to various agencies as you continue the process.

The Deceased's Affairs

• With immediate concerns out of the way, you must resolve the ongoing affairs of the deceased. Contact his employer if you haven't already done so, and let them know what has happened. Be sure to ask about benefits such as pension plans or union death benefits that may now be in effect. Close any bank accounts, terminate credit cards--and arrange to pay off the remaining balance--and call the Social Security office to inform them of the death. In addition, change any property over to your name or that of the beneficiary: cars, houses, bank accounts and any stocks and bonds the deceased may hold. Contact the deceased's insurance company to terminate health-care coverage and/or collect life insurance benefits, and talk to an accountant about the best way to file the deceased's final tax return. Send a copy of the death certificate when requested and have the deceased's Social Security number and last address handy if possible.

The Heirs' Affairs

• With the deceased taken care of, turn next to your own needs and those of the people dependent on the deceased. If there's an existing will, it should dictate how the deceased's property is to be dispersed. From there, chart out a complete financial statement, covering your assets, your debts and how the deceased's affairs enter into them. Pinpoint how bills were paid, and arrange for bills that still remain to be paid in the future. If you were financially dependent on the deceased, recalculate your personal financial needs and rearrange your existing assets to cover them as best you can. In many cases, a financial adviser can help sort out the best options. This allows you to move forward with a stable plan and ensures that your needs continue to be met.