topic | gather information, make notifications
Step 3: notify financial institutions and employer
Notify employers and financial institutions of the death. Notifications may be made over the phone, online, in person, or through the mail. Information regarding accounts, claim forms, cancelation of services, refunds, or liquidation of accounts should be gathered at this time. A certified copy of the death certificate and a copy of the executor's Letters of Administration are usually required to discuss details of accounts.
There is over $32 billion in unclaimed property because people don't know what they're missing, even after looking through the records of the deceased.
- money market accounts or certificates of deposit held in local banks or credit unions
- 401K accounts, IRAs, annuities, savings bonds and mutual funds held by other institutions
If possible, visit financial institutions in person. Account changes will require an original death certificate and Letters of Administration.
- For accounts solely owned by the deceased, with no stated beneficiaries, the executor may request information as well as close the account. Transfer funds to the estate checking account.
- If the account has a beneficiary, Payment on Death (POD) or Transfer on Death (TOD) as part of the ownership, the person named should decide on how to accept the liquidated assets. For assistance, consult a financial advisor.
Request that a claim form be sent to beneficiaries. It may be mailed directly to them.
Upon completion of the claim, payment should take 2-3 weeks.
Notify each employer of the death, and request:
- the final paycheck, payment for unused sick/vacation time, or money held in a Health Care Reimbursement Account, be forwarded. Deposit all checks into the estate checking account.
- any health, medical, or long-term care insurance held through the employer be canceled and premiums be refunded
- information regarding company sponsored life insurance policies so that claims may be made
- information on pension benefits
Employment Records may contain contact information for employers.
Savings bonds with a recorded beneficiary are not part of the estate. The beneficiary may cash the bond if they possess an original death certificate.
Savings bonds without a recorded beneficiary may be cashed or reissued in the names of beneficiaries if stated in the Will
(if this Step is complete)
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