Credit Professional 2018 Spring_2018_magazine | Page 9

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and say 'I can't handle this,' "
says Doane, adding that there's
no shame in asking for help.
Seeking professional support is
a good idea, even if only to get
a free consultation about your
family's situation.


Marriage and birth
certificates (of the
deceased's spouse
and children)
An up-to-date credit report
of the deceased
If you do retain an attorney,
hire one who handles wills,
trusts and estates exclusively.
Avoid real estate lawyers,
divorce lawyers, personal
injury or criminal attorneys,
and others who don't
specialize in estate planning. All these documents will help
you find accounts and assets,
and assess outstanding debts,
as well as submit claims for
benefits and cash payments
that may be due the deceased
person's beneficiaries
and heirs.
And only select a
board-certified attorney.
Ideally, try to work with a
lawyer or firm that is AV rated. Notify Financial
Institutions, Government
Agencies and Others
That indicates the attorney or
firm has received the highest
possible professional standards
and ethics rankings.
Collect and Secure
Pertinent Documents
One of the most
time-consuming aspects of
tending to the financial affairs
of someone who has passed
away is gathering the litany
of documents that need to be
assembled. For many families,
this is a nightmare chore due
to haphazard record-keeping,
poor planning and a lack of
knowledge about where critical
documents are located.
"A lot of people think that
estate planning is only for
someone who's old or who has
lots of money. But that's not
true," says attorney Danielle
Mayoras, co-founder of The
Center for Probate Litigation.
That's why Mayoras and other
experts suggest that while
people are alive, they should
create an inventory or list of
all assets, accounts and
property, put that list in a
safe place, and then tell a
trusted confidante where
the list is kept.
After a person's death, an
executor of an estate should
collect or order the following
documents, at a minimum:
 Death certificate(s)
 Will or trust
 Insurance policies (life,
homeowners, health,
disability, auto, etc.)
 Last credit card statements
 Investment accounts (IRAs,
401(k) plans, mutual funds,
pensions, etc.)
 Last checking and savings
account statements
(including CDs and
money-market accounts)
 Last mortgage statement
 Last two years' tax returns
A key next step is to notify all
the following places of the
individual's death. Each is
important for different reasons.
 Social Security
Administration
 The deceased person's
employer
 Insurance companies
 Credit bureaus
 Credit card companies
 Post office
 Utility companies
 Creditors
It's not much, but Social
Security does offer survivors a
$255 one-time death benefit.
More importantly, the spouse
or children of someone who
dies may be eligible for monthly
survivor benefits from Social
Security. To find out if you
qualify, contact Social Security
online or call 800-772-1213.
Another reason to notify Social
Security is so the agency can
put the deceased person on the
So-
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The Credit Professional
8
Spring 2018