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Organizing Your Affairs
Bank and Savings & Loan Accounts
Jointly owned bank and savings & loan accounts usually transfer directly to a surviving spouse. When there is no surviving spouse, or when an estate’s probate value is substantial, some institutions may freeze accounts or holdings until the proper inheritors are identifi ed and claim them.
Business Assets
If specific instructions for distribution of business assets were not included in the deceased’s will, survivors should carefully review all options. Do not feel pressured to “sell out” without legal and/or fi nancial advice.
Charge Accounts
To cancel or modify a charge account, all credit cards in the deceased’s name should be returned to the institution or company which issued them, along with a memo noting the death.
Health Insurance
If the deceased participated in a group medical plan, check with the employer to determine if part or all of the benefi ts may be converted to family members and what the cost would be.
Home Mortgages & Outstanding Loans
Contact institutions holding home mortgages or other outstanding loans to complete necessary actions.
Medicare & Medicaid
Medicare and Medicaid are the U.S. Social Security Administration’s hospital and medical insurance programs. Survivors should contact their insurance agent for an evaluation of insurance options.
Trust Funds
Trust funds are most often arranged with a bank officer and attorney, who should be contacted about the administration of such funds.
Motor Vehicles
Most states and provinces have procedures for transferring the title and registration of a vehicle. Upon receiving a vehicle, an inheritor assumes fi nancial responsibility for any loans, taxes and insurance.
© 2005
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