Navigating the Loss of a Loved One: From a Financial Advisor
May 12, 2025
The death of a loved one is one of life’s most profound and emotionally challenging events. Whether sudden or anticipated, grief can feel overwhelming, and making important decisions during this time is difficult. Having a clear list of steps and documents to collect can provide structure and peace of mind in the days, weeks, and months ahead.
Immediate Steps After a Death
Every situation is unique, but certain actions should be taken shortly after a person passes away.
Obtain a Death Certificate
When a person dies, a doctor, nurse, or hospice worker must pronounce the death and document the time. This official record allows for the creation of a death certificate.
This legal document is needed for tasks like closing accounts, claiming insurance, and managing estate matters. Funeral homes usually help you get these certificates. You can also order them from the state or county's vital records office. It’s wise to request multiple certified copies.
Consider Organ Donation Wishes
If your loved one wanted to be an organ donor, you can check their driver’s license. You can also look in a healthcare directive for their wishes. If no preferences are documented, family members may be asked to make a decision quickly.
Arrange Temporary Care for Dependents and Pets
If the deceased left behind children, pets, or other dependents, ensure immediate care is arranged—even if only temporarily. Notify any schools involved and begin considering long-term plans for caregiving or guardianship.
Notify Family and Friends
Start with close family and trusted friends, who can help spread the word. Technology makes this easier; group texts, email, or social media can help reach extended contacts quickly. Once that’s done, you can begin notifying professional contacts, such as employers, doctors, and banks.
The First Two Weeks
Once initial notifications and arrangements are made, there are several legal and financial matters to address.
Locate the Will and Begin Probate
Find your loved one’s will. File it with the probate court in their county. Include a certified copy of the death certificate. Probate can be complex, so consider working with an estate attorney to simplify the process.
Notify Advisors and Gather Financial Documents
Reach out to the deceased’s attorney, financial advisor, and tax professional. They may hold key documents and be familiar with the person's estate plan. You’ll also want to locate any trust documents and insurance policies and alert the trustees or insurers accordingly.
Forward Mail and Manage Their Affairs
Apply to have the person’s mail forwarded to your address if you are the executor or have authority. This helps you spot bills, financial notices, and other important correspondence.
Contact the Social Security Administration (SSA)
Notify the SSA promptly. In many cases, the funeral home may assist with this if you provide the Social Security number. Survivors such as a spouse or dependent child may qualify for benefits.
Check for Workplace Benefits
Contact the deceased’s employer to inquire about retirement accounts, life insurance, and other workplace-related benefits. Also ask about options to continue health coverage, such as COBRA or Medicare eligibility.
The First Three Months
As time allows, turn to longer-term tasks and remaining details.
Address IRAs and Other Investment Accounts
If the person had IRAs, contact the financial institution to determine if any Required Minimum Distributions (RMDs) are due. Beneficiaries should work with a tax advisor to understand implications and options.
Notify Banks and Financial Institutions
Close or transfer ownership of accounts, particularly those with joint or transfer-on-death designations. This helps prevent fraud or identity theft.
Secure a Tax ID for the Estate
If an estate account is needed to pay debts or distribute funds, apply for an estate tax ID through the IRS.
Contact Creditors and Insurance Providers
Notify credit card companies to prevent unauthorized charges. Call insurance carriers to manage or maintain home, auto, or life coverage.
Reach Out to Mortgage Holders and Cancel Subscriptions
If there’s a mortgage, contact the lender to discuss next steps. Also, review bank statements to cancel recurring services, such as gym memberships, streaming subscriptions, or other monthly charges.
Notify Credit Bureaus
Report the death to one of the three major credit bureaus—Equifax, Experian, or TransUnion. They’ll inform the others, preventing new credit from being issued fraudulently.
Bottom Line
Losing a loved one is hard. However, taking careful and organized steps can help lighten the load during this sad time. From securing important documents to managing financial and legal responsibilities, this process requires patience, care, and sometimes professional guidance. While no checklist can remove the emotional weight of loss, having a plan in place can provide stability when it’s needed most.
Sources:
https://www.fidelity.com/learning-center/life-events/checklist-after-death
Disclosures:
This information is an overview and should not be considered as specific guidance or recommendations for any individual or business.
This material is provided as a courtesy and for educational purposes only.
These are the views of the author, not the named Representative or Advisory Services Network, LLC, and should not be construed as investment advice. Neither the named Representative nor Advisory Services Network, LLC gives tax or legal advice. All information is believed to be from reliable sources; however, we make no representation as to its completeness or accuracy. Please consult your Financial Advisor for further information.
