Insurance is pervasive in our lives - Life, Auto, Motorcycle, RV, Boat, Home, Renters, Liability, Flood, and Dependent Health insurance, to name a few.
Each plan will need to be evaluated. Not everything can be can be canceled immediately!
If there are rental properties, and the renters have leases, they may not have to move out immediately.
Likewise, if a relative is living in the deceased's home, they may have to stay on until other arrangements can be made.
Normal insurance policies for liability, for example, would have to be continued.
There is also the issue of life insurance - usually one way to immediately access to liquid funds. However, if you are widowed and have young children, you might want to check with your insurance agent to discuss the various options that will enable you to optimize the ionger term benefits for your children.
Unfortunately, obligations for filing and paying taxes do not cease upon death. Personal income taxes for the deceased will have to be filed and potentially paid in the year of his or her death. In addition, taxes remain in the financial picture until the deceased's estate is settled, and all assets are distributed.
Part of this would potentially include:
This situation implies the eventual payment of income taxes on investments, capital gains, and pre-tax retirement accounts when the estate is settled.
Generally, your accountant will be able to assist with the estate filings, or your lawyer will be able to recommend someone familiar with all the requirements.
Remember: - unless a bank account is a joint account, you will not be able to access the money. Did the deceased qualify for government benefits?
Generally investment accounts have specific beneficiary designations. These portfolios may be taxable or non-taxable retirement & educational savings or cryptocurrency accounts and more
Step-by-step guide on what to do first. Calls, Paperwork, Care Arrangements and more...
Where do you start? Physical remains, funeral options, death certificates, memorial services and more...
Key reminders on seuring residences - owned or rented, apartments or houses - after a loved one's death
What you need to know to protect and eliminate the deceased's digital presences
Funny, helpful and special stories that others have shared to helpyou through the process
Funny, helpful and special stories that others have shared to helpyou through the process
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