Financial Steps to Take After the Passing of a Loved One

The passing of a loved one is perhaps one of the most stressful times in anyone’s life. The grief is bad enough, but when you’re also forced to deal with financial issues and the likelihood of a will and inheritance, things can turn ugly really fast. There are many legal processes involved and you’re going to need to scan through a lot of paperwork in order to get the right help.

The hardest part about taking these financial steps is that you need to try and keep your head straight while still mourning the passing of your family member. You probably aren’t ready to make any decisions, and the urgency required is sometimes enough to make you snap and lose it. However, you have to do your best to try and remain calm and focused because there could be a lot at stake. If you need some extra help, this article from huffingtonpost.com has a couple of great tips to help you cope with your current situation.

Funeral Expenses

The first logical step will be to speak with a funeral home. They will help you decide how to deal with the body and where to move it to. If there was no funeral plan in place, then you may need to make decisions on the fly and determine what the best course of action is as time goes by. Hiring a funeral director is the easiest way to manage the entire process, but it’s almost the most costly. Call around for the best quotes and hire a service that suits your needs and stays within your budget. You could also save money and arrange it yourself, but this can take a lot of effort.

Speak With a Lawyer

If the deceased family member has written a Will, then the information inside of it will probably name an executor who will carry everything out. It’s important that you contact a firm such as asb-law.com if you want to have a reliable executor help you deal with all of the proceedings and help you manage all of the costs involved. It’s important that before you agree to work with a legal professional, you ask how much it will cost you. A flat rate is desirable because you don’t want hidden costs or surprises to catch you off guard later in the future. They might also charge you a percentage of all of the assets which could add up to a relatively large bill.

Taking Control of Finances

If possible, contact a financial advisor if you need help to deal with the financial aftermath. If that’s not possible or if it will take some time to arrange your first meeting, then there are steps you can take to lighten the load. For starters, arrange all the necessary paperwork such as financial statements. Try to gather any documentation related to the deceased’s assets, such as insurance policies, real estate documents and business documents.

You want to make sure that you have enough income to pay for rent, insurance policies and other necessary expenses after the passing of your loved one. If this isn’t an issue, then the next step you should take is to follow up on life insurance policies and let your loved one’s friends and co-workers know that they have passed away. You might also qualify for financial aid if the passing of your loved one has severely affected your income and ability to pay for living expenses.