Financial Checklist When Someone Dies

If you are grieving the loss of someone close to you, Texoma Educators can help you take steps to handle their financial affairs. Contact us to notify the credit union about a member’s death.

Checklist

What should you do after someone dies? Follow this checklist to manage all the necessary tasks:

Order death certificates from the health department of the county where the death occurred. The funeral home can help with this.
Contact the employer(s) and/or retirement plans, if applicable, to notify them that the death has occurred.
Cancel direct deposit payments that are in the name of the deceased.
Contact all financial institutions—checking and savings accounts, loans, credit cards, investments and safe deposit boxes—to notify them.
– Change the account name for all applicable accounts.
– Change the ownership of joint or solely owned stocks and other investment accounts.
File insurance claims for each policy held, including home, business, life, health, mortgage and auto. Notify each insurer that the death has occurred and request claim forms where applicable. You will need a certified copy of the death certificate for each claim.
– Cancel automated payments for any premiums that are no longer necessary.
Contact Social Security about your benefits, appropriate forms and procedures. www.ssa.gov, 800.772.1213
Contact the Veterans Administration, if applicable. Ask about benefits, appropriate forms and procedures. www.va.gov, 800.827.1000
Talk to your attorney about probating the will and making other necessary filings.
Discontinue any services that are no longer needed, such as home health or meal delivery.
Prepare for your own death or incapacitation:
– Ensure that insurance policies have an updated beneficiary.
– Update the beneficiary or joint owner of all financial accounts.
– Update your will or living trust.
– Revise titles on your home, vehicle and other property.
– Consider granting a Power of Attorney and/or Medical Power of Attorney to a family member or friend.
– Add an authorized signer to financial accounts.
Beware of scammers and potential fraud. Learn more about financial scams.

Waldo Funeral Home, Sherman, Texas, graciously provided much of the above information.

Texoma Educators shares our sympathy for your loss. We have worked with hundreds of family members over the years to manage account details for deceased credit union members. Let us help you navigate the next steps in handling your accounts.

Additional resources

AARP: What to do when a loved one dies

Dave Ramsey: What to do when someone dies checklist

Kiplinger: What to do when someone dies: a checklist