Credit Professional 2018 Spring_2018_magazine | Page 10

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cial Security Master Death In-
dex. This prevents would-be
fraudsters from collecting a
dead person's Social Security
payments. It also helps stop
identity thieves from opening
accounts in the name of the
deceased individual, because
the person's credit reports will
be flagged.
immediately, along with credit
card, insurance and financial
accounts that will be inactive.
"If the person was married,
transfer the power, electricity
and water bills that may be
in their name to their
surviving spouse," says estate
attorney Doane.
policies, as well as financial
contracts—including car loans,
mortgages and credit card
agreements—find out whether
insurance premiums were paid
on the accounts. If so, cash
benefits may be due to heirs.
Also, ask a lot of questions to
find out if survivors are due
Additionally, Doane notes that pension benefits or income
"Every creditor also needs to
some states, such as Florida,
from the deceased person's
know right away because the
require home ownership also be employer, union or maybe even
last thing you want is for bills
transferred into the name of a
the military. Employers may
to continue to run," says Adam living spouse in order for things pay out 401(k) funds, along
Levin, a former director of the
like title insurance to remain
with unused vacation time,
New Jersey Division of
in force.
holiday time or bonuses
Consumer Affairs. Prompt
already earned.
notification of the death to
Since every state has different
various businesses, adds
mandates, be sure to check
For many families, however,
Levin, "saves the estate money what type of legal filings, if any, the largest lump sum payout
and protects the estate of
are necessary in the state in
following a loved one's death
the deceased."
often comes from life insurance
proceeds. In dealing with
Levin also suggests contacting
insurers, experts say, the
the Direct Marketing
process should be fairly
Association to opt the deceased
straight-forward.
person out of receiving credit
soli