There is nothing more devastating in this life than the death of a loved one. Including parents, but especially a child. This is an extremely emotional time and some people grieve for years. There are some actions that should be taken immediately. This includes gathering up and securing the deceased’s paperwork and identification, notifying your attorney and accountant, and notifying the rest of the family. Then the actual work of tying up loose ends and handling the estate can wait a bit if necessary.
Death Of A Family Member – Okay, What Now
It can feel very frantic and overwhelming. Especially if the death was not anticipated. People understand and expect to deal with their parent dying at some point, but no one inclines themselves or contemplates dealing with the death of their child. Depending on the estate and the way in each which the deceased passed you should begin to take care of financial and legal things within 3-4 weeks of the death. Keep in mind there is no pressure to go straight from the funeral home to the attorney’s office. For some people, handling the legal and financial side of things is a way to cope and work through the death. For others it is nothing but awful. Generally the sooner that you start working on things, the faster it will be over.
The professionals in your life should be there to help you. That is what the advisers at Numerico will do for you. They understand the human side of the business and will sit beside you and guide you through process. If you are dealing with the death of a parent, hopefully you will be able to pay the costs out of your parent’s estate, same goes for the death of a child that is an adult.
When it comes to a minor child, the financial burden of death will fall upon you as a parent. The financial burden of a child passing is not the devastating part of the event, but it can complicate it. It may make the grieving process even longer. Do not be afraid to ask for help from your family, friends, the funeral home or a religious organization you are a part of.
Not every parent or adult child has an estate plan, a living will or any savings to prepare for death. Be wary of credit companies or collectors that call and try to make you pay for the debt of the deceased. If you were a cosigner or a joint account holder, all or some of the debt may end up being your responsibility, but do not pay any money until you have consulted an attorney. If the debt solely belonged to the deceased, you do not need to pay it off. If the deceased had financial resources such as savings or stocks the debt will be paid off using those. If not, the debt is dismissed and no one is responsible.
If your parents had an estate it is time for the executor to step up and take on their role. The attorney that was appointed will help walk you through any questions or challenges to make sure that the wishes of the deceased play out as they intended. When it comes to handling the trust and estate of a loved one, do not act with fury. Try to remain calm, and make the best decisions possible in an amount of time you are comfortable with. When it comes to a home or property, keep in mind that it does not need to be sold in order to distribute the resources in the trust. The trust can continue to own things after death.
While planning for your own death or your parents death seems like a normal step at some point, planning for your child’s death does not. The reality is typically crushing. Make sure you have the right professionals on your team to handle things when your life is in turmoil. The financial advisers and accountants at Numerico are prepared to walk you through all of your life events. Whether that means planning retirement, setting and reaching financial goals or the devastating loss of a loved one – they are here to serve you.