September 10, 2022 | Posted in:

When a Loved One Dies

The death of a loved one is a heart-wrenching event. In addition to experiencing grief, survivors must deal with the individual’s funeral arrangements, personal items and property, and financial assets and liabilities. Sadly, this can tear families apart, especially when the loved one’s wishes are not well articulated, or their financial affairs are not in order.

Here’s a quick guide to help you through this difficult time.

Key Documents

  • First try to locate your relative’s key legal and financial documents. If he or she had a will, notify the executor(s). In the case of a trust, contact the co-trustee or successor trustee. You should also notify anyone who holds power of attorney.

Seek an Advisor

  • If you have been named as executor or trustee, you will likely need tax, financial, and legal advice. Retain an attorney who is experienced in settling estates. You may need to oversee probate of the decedent’s estate, file a final income tax return, or an estate tax return. You will need to gather all their financial records. Your attorney can help identify and make sense of the documents you need.
  • Depending on the nature of the estate, it may be necessary to hire other experts, such as appraisers, investment advisors, and business valuation specialists.

Death Notifications

  • Notify insurance agents, employers, labor unions and the Social Security Administration. You may also need to inform The Department of Veteran Affairs if the person served in the military, the state motor vehicle department, financial institutions, and utility companies. Don’t forget clubs, associations, and other organizations your loved one was involved in.

If you are struggling to handle the tedious task of managing the passing of a loved one and their remaining assets, contact an Alloy Silverstein advisor today!


See Also: Ease the Burden on Your Beneficiaries


Managing Shareholder
Ren primarily provides advisory and accounting solutions to law firms, real estate developers and operators, computer consulting businesses, health care professionals, manufacturing companies, retail and wholesale organizations, professional athletes, and business principals.
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