Podcast Show Notes – The Architecture of Wealth
Date: 11/23/2022
Name of podcast: The Architecture of Wealth
Episode title: What to Do When Someone Dies
Whether you’re handling the death of a loved one or you want to make life easier for your loved ones upon your death, these steps can help a family navigate the complexity of death both financially and legally. The list of steps can also help families plan ahead of time.
For information about Sona Wealth Advisors: www.SonaWealthAdvisors.com
Summary:
In the wake of losing a loved one in the Struthers family household, we are sharing a list of what to do when someone dies. Starting with immediate steps and then moving on to steps to take within a couple of weeks of losing a loved one, this list encompasses everything practical a family can do.
Step 1: Obtain legal pronouncement of death from staff at hospital or hospice
Step 2: Tell family and friends
Step 3: Learn about existing funeral plans
You should take the first three steps immediately. And within a few days of death, you should make the funeral arrangements. While it may seem strange to think about, but as people get older, they should take a headshot every two-three years for the family to use. Then, within a few days, you should follow this next series of steps:
Step 4: Make funeral arrangements
Step 5: Secure the property, including cars, jewelry, guns
Step 6: Care for pets
Step 7: Forward e-mail
Step 8: Notify the employer
Within two weeks of death, you should then take the following steps…
Step 9: Obtain certified copy of death certificate
Step 10: Find a will and an executor
Step 11: Contact an attorney & contact a CPA
Step 12: Start the probate process
Step 13: Make an inventory of all assets
Step 14: Track down other assets
Step 15: Make a list of bills
Step 16: Cancel services no longer needed, e.g cell phones
Step 17: Hang on to passports
Step 18: Notify social security
Sept 19: Notify banks, financial institutions, credit agencies, etc.
Step 20: Cancel driver’s license
Step 21: Close out credit cards
Step 22: Terminate insurance policies
Step 23: Memorialize social media accounts
Step 24: Update voter registration
Timestamps:
0:00 Struthers family handling the death of a loved one led to this podcast
2:02 Question to ask, as a parent: are you going to make it easy on your loved one?
2:39 Step 1: Obtain legal pronouncement of death from staff at hospital or hospice
2:48 Step 2: Tell family and friends
3:24 Step 3: Learn about existing funeral plans
3:40 Step 4: Make funeral arrangements
5:20 Step 5: Secure the property, including cars, jewelry, guns
5:49 Step 6: Care for pets
6:02 Step 7: Forward e-mail
6:13 Step 8: Notify the employer
6:20 Step 9: Obtain certified copy of death certificate
6:28 Step 10: Find a will and an executor
6:46 Step 11: Contact an attorney & contact a CPA
7:19 Step 12: Start the probate process
7:45 Step 13: Make an inventory of all assets
8:35 Step 14: Track down other assets
8:40 Step 15: Make a list of bills
9:28 Step 16: Cancel services no longer needed, e.g cell phones
9:49 Step 17: Hang on to passports
10:01 Step 18: Notify social security
10:03 Sept 19: Notify banks, financial institutions, credit agencies, etc.
10:19 Step 20: Cancel driver’s license
10:26 Step 21: Close out credit cards
10:29 Step 22: Terminate insurance policies
10:33 Step 23: Memorialize social media accounts
11:18 Step 24: Update voter registration
11:25 Link to emergency binder (coming soon)
Mark Struthers
Podcast Show Notes written by PalmBeachcomber on Fiverr: https://www.fiverr.com/palmbeachcomber
Free Estate Planning Binder:
Chanhassen, MN 55317 The Architecture of Wealth Podcast is for educational purposes only. Investment Advisory Services are offered through Sona Financial LLC (DBA Sona Wealth and Sona Wealth Management), a registered investment adviser authorized to do business in states where registered or otherwise exempt from registration. Nothing discussed during this show/episode should be viewed as investment advice. If you have questions pertaining to your specific situation, please consult your own financial professional.