Next steps to consider when you’ve lost a loved one

By Andrea Young on January 26, 2023

by Kristine Porcaro, Co-Founder of Lexington Wealth Management

Don’t feel rushed or pressured. Taking time to mourn is necessary, but many of us feel the need to get ”stuff” done. If that’s the case, start here.

Get some help!

• Reach out to your advisors. If you don’t have one you trust or feel comfortable enough to help you through this time, find someone you do. Ask your friends, professional contacts, or give Lexington Wealth a call. Unfortunately, we have dealt with the loss of a loved one many times and can point you in the right direction for resources.

Gather your documents

• Anything you think might be important or are not sure about, like bank statements, checkbooks, marriage documents, accounts statements, wills, trusts, and anything that comes in the mail in the next few months. Start a pile that your advisors can help you go through.

Open the mail and check emails

• Many of us still get paper statements for mortgages, loans, bills, etc. But, many of us also receive these things electronically or via email. Be sure to watch for these items. Have a list of passwords put aside for easy access.

Get copies of the death certificates

• Get more copies than you think you’ll need, but be certain to review it for correct information and spelling, many times there are mistakes which can be frustrating.

Make some calls

• You’ll need to call social security or go online at www.ssa.gov to see if you qualify for benefits or call 1-800-772-1213 and ask for Publication No. 05-10084: Social Security Survivor Benefits.

Call the bank of your loved one.

Call your loved one’s employer or former employer to ask about benefits, life insurance companies, other insurance companies, possibly the veterans administration, and several other entities.

Call utility companies and service providers. Be sure to remove your loved one’s name so you don’t have any problems down the road if you need to make a change in service.

Close those Credit Cards

• Be sure to close any credit card accounts in your loved one’s name and notify a credit-reporting agency like Experian.

Cancel those club memberships

• If there are any health club, golf club or other memberships many require a 30-day written cancelation notice. Be sure to call and do this so you’re not paying for anything you are not using.

Check online accounts

• Hopefully, you will have logins and passwords to any online accounts (e.g., PayPal, Amazon, LinkedIn, Facebook, Twitter, Dropbox and photo sites) so you can close anything or be sure accounts are behaving as they should.

Check for unclaimed assets- 

• https://www.findmassmoney.comis a good resource 

Collect other documents

• You’ll eventually need car titles, and property deeds, so look around for these things. If you can’t find them they are available and your advisors can help.

Call your local charities or church

• When it’s time to go through some personal belongings many folks in need can use some of these simple items.

Meet with your financial advisor

• You will have to rollover IRA’s, distribute retirement accounts, possibly sell some assets, collect on life insurance policies and plan for your future and they can help with all of this.

Call your Estate Attorney and CPA

• They can help with any state requirements/filings, obtaining tax id numbers and updating your estate documents,. etc. They will work closely with your financial and tax advisors

Start to review your cash flow

• Postpone any big financial decisions, but know your situation, what income is coming from what sources and what needs to be going out for expenses. This will help you to begin to plan for your future.

Remember, this is a process, and it will take time. Don’t put too much pressure on yourself. Take occasional breaks. Visit family or friends but be prepared. Once all of the “stuff“ is completed, you may feel like, “now what?”. Keeping yourself busy is a helpful mechanism for healing. Now it’s time to find something fun to do for you. Join a book club, a support group or an exercise group. Whatever works for you, just get out there and live!

Disclosures

Lexington Wealth Management is a group comprised of investment professionals registered with Hightower Advisors, LLC, an SEC registered investment adviser. Some investment professionals may also be registered with Hightower Securities, LLC, member FINRA and SIPC. Advisory services are offered through Hightower Advisors, LLC. Securities are offered through Hightower Securities, LLC. All information referenced herein is from sources believed to be reliable. Lexington Wealth Management and Hightower Advisors, LLC have not independently verified the accuracy or completeness of the information contained in this document. Lexington Wealth Management and Hightower Advisors, LLC or any of its affiliates make no representations or warranties, express or implied, as to the accuracy or completeness of the information or for statements or errors or omissions, or results obtained from the use of this information. Lexington Wealth Management and Hightower Advisors, LLC or any of its affiliates assume no liability for any action made or taken in reliance on or relating in any way to the information. This document and the materials contained herein were created for informational purposes only; the opinions expressed are solely those of the author(s), and do not represent those of Hightower Advisors, LLC or any of its affiliates. Lexington Wealth Management and Hightower Advisors, LLC or any of its affiliates do not provide tax or legal advice. This material was not intended or written to be used or presented to any entity as tax or legal advice. Clients are urged to consult their tax and/or legal advisor for related questions.