When someone passes away, notifying the appropriate parties is a critical step in the administration of their estate. At TrustParency PC, we understand that this process can be overwhelming during a time of grief. Here’s a comprehensive guide to who needs to be notified and why it’s important.
Immediate Family and Close Friends
Notifying immediate family members and close friends is the first step. This helps all parties to feel included and ensures that those closest to the decedent can be involved in memorial planning decisions. When appropriate, it also allows the decedent’s family and friends to begin the grieving process together. The first part of any administration is making sure that the extended family of the decedent is being cared for during what is often a challenging time.
Legal and Financial Advisors
Contact the decedent’s attorney, accountant, and financial advisor. They will assist in handling legal documents, finalizing the decedent’s financial affairs, and guiding you through the probate or trust administration process. Please do not sign any papers transferring assets right away as often a holistic approach is much better than a piece meal approach to settling an estate. There are very few instances where it is necessary to act immediately.
Executor or Trustee
If the decedent had a will, notify the named executor. For those with a trust, the trustee needs to be informed. These individuals are responsible for managing the estate or trust according to the decedent’s wishes. They in turn will need to comply with the legal requirements of probate law and send official notices to all the beneficiaries and possibly close relatives not mentioned in the documents. Please contact us if you have any questions about this.
Financial Institutions
Once you have death certificates, inform banks, credit unions, and other financial institutions where the decedent held accounts. This ensures that the accounts are frozen to prevent unauthorized transactions and helps initiate the process of transferring assets out of the name of the decedent and to the estate, trust or directly to beneficiaries.
Government Agencies
The mortuary will typically notify the Social Security Administration to stop benefit payments. Keep in mind that there may also be survivor benefits for a surviving spouse or minor children of the decedent. Lastly, if the decedent was a veteran, inform the Veterans Administration as there may be benefits available to the surviving family.
Insurance Companies
Make sure that insurance on real property and automobiles stays in place during the administration. Contact life insurance companies to begin the claims process. Similar to retirement accounts, the beneficiary of listed on these policies may not be immediately discernable and may require a court order to ascertain.
Credit Bureaus
Notifying credit bureaus helps prevent identity theft by flagging the decedent’s credit report. This step is crucial in protecting the estate from fraudulent activities. We can give you a list of agencies and contact information to notify should you need it.
Notifying Employers
If the decedent was employed, notify their employer to arrange for the final paycheck and any death benefits. Final paychecks over a certain amount may need to go through probate. If the decedent had a pension, it will most likely cease unless there is a surviving spouse and the pension election covered both lives. There may also be other retirement benefits such as annuities. Distribution of these assets should all be carefully evaluated before making any irreversible decisions.
Utility Companies and Service Providers
You will likely want to notify any subscription services and other ongoing providers to cancel or transfer services. This ensures that bills are not accruing in the decedent’s name. We generally do not recommend immediately cancelling cell phones or internet services that the Trustee may need to access to keep real property safe or to retrieve information to administer the trust. Further, the trustee may also want to continue paying utilities such as gas, water, and electricity on any properties that are now vacant as cancelling them may cause issues with home security systems and, if you plan to sell property, renovations and real estate showings.
Business Associates
If the decedent owned a business or had business partners, notifying them is essential to determine how best to keep the business going if that is appropriate or how best to wind it down, if necessary.
Tenants or Landlords
If the decedent was renting or owned rental properties, notices to landlords and/or tenants may be necessary to comply with and to manage leases and rental agreements appropriately.
Professional Assistance
At TrustParency PC, we provide comprehensive support to ensure all necessary parties are notified in a timely and respectful manner. Our empathetic approach helps ease the burden during this challenging time, allowing you to focus on honoring your loved one’s memory.
By working with us, you can ensure that the estate or trust administration process is handled efficiently and with care, providing peace of mind for you and your family.
