facebook twitter instagram linkedin google youtube vimeo tumblr yelp rss email podcast phone blog search brokercheck brokercheck Play Pause

A Family Member Passed Away. What Do I Do Next?

What are some things we can do if a loved one has passed away? Watch this week's Arista Advice to learn the answer and download an in-depth 18 item list for even more details.

Full 3-Page 18 Item List
Download Here

Full Transcript:

Hello, welcome to Arista Advice. Question of the week is: "Paul, my sister passed away last week. What do I need to do next?" Well, just a few days ago I received the unfortunate news that a wonderful client that we've worked with for many years, unfortunately, passed away from breast cancer. I love all my clients. I love you all, but Sue was a great, great lady, always bubbly, bouncy, and always had some jokes that she wanted to crack when she came in and would sit right here and visit with us, and when her brother called and said that Sue had passed away, I paused, and I've still thought about it often.

Life is short, and life is unexpected, but let's talk briefly about some things that we can do if your loved one has passed away. We also are going to put a link above this post if you want to click on it to get the full three-page report to see all of the 18 things you can do, that you'll have access to. 

But number one: contact other professionals that have helped your spouse or yourself with your financial wealth. Those other professionals are estate attorneys, financial advisors, life insurance agents, property owners, and other professionals.
Number two: locate a local notary as they will be needed for many steps. You might also need a medallion signature guarantee which guarantees the authenticity of the signature.
Number three: you're going to need a lot of copies of the death certificate. Ask for 10, 15, or maybe 20 of them because you'll have to give them to many organizations and agencies and corporations to help go through the process of moving assets from a joint or a trust into an individual name. Open an estate checking account. This is an  important step. I can't emphasize enough the importance of having money set aside, so when something happens you have access to cash. 

Just three months ago, a dear friend passed because of Covid. I went over to his wife's home on a daily basis to visit with her and to help her, and the big shock to her was she hadn't written a check for 28 years and didn't know where anything was. We helped her through it. Things are a lot more stable, but she had not had a money conversation with her husband for over 28 years. 

So have a money conversation with your spouse. Sit down at dinner, at a restaurant, or wherever it may be, and have a money conversation. 
Fifth and final: contact the Social Security Administration. Let them know of the passing of your wonderful spouse or loved one, so that they can make adjustments to the payout of the beneficiary amount on the Social Security check.

Hope this information is helpful. Please remember to go to AristaWealth.com to get other videos, tools, tips, and resources to help you live a life of optimal significance.