What financial decisions need to be made after a death occurs?
Even though this may be the furthest from your mind, there are a number of financial matters that need to be settled fairly soon after a death: • Make an estate inventory, or a complete record of all important business and personal documents, detailing where each original document can be found. • Notify financial institutions of the death, starting with personal and joint bank accounts. • Consider keeping joint accounts open for a few months, to allow the spouse the option of continuing to deposit cheques in the deceased’s name. • If accounts are not joint, funds could be frozen until the estate is settled, so you may need to draw on other investments temporarily. • Check outstanding balances on credit cards or loan agreements and make arrangements for payment. • Find the deceased’s original life insurance policy and contact the agent. • Check if you are eligible for death benefit payments or pensions, as failure to apply could result in lost payments if you are eligible (see other que
