After the death of a loved one, family members are often faced with the important task of finalizing the financial affairs of the deceased.  At a time when people are least prepared to deal with practical matters, the countless details, arrangements and planning can seem insurmountable and sometimes confusing.  Depending on the size and type of estate, this can be a complex—and expensive—process.  For example, you may be involved in the probate process, which determines the authenticity of your loved one's will.

The deceased may have appointed an estate executor.  An estate executor has specific legal responsibilities, and is the person responsible for settling a person’s estate.  The duties include distributing assets, settling debts, and paying taxes.  If the deceased didn’t appoint an estate executor, the task will probably be carried out by a family member. 

If you are the estate executor and feel overwhelmed by the task, it is probably wise to consult a lawyer if you can afford it, or at least find a comprehensive reference book about estate executor duties to help you.  Careful attention to financial matters can help a family deal with the future, and can ensure that they receive all benefits to which they are entitled.  See For More Information.

Some important things that will need to be done:

• Contact the Social Security Administration (800-772-1213) regarding any benefits that the deceased may have been receiving and any benefits that survivors may be eligible for.
• Notify your loved one's insurance company.  Ask for claim forms and instructions on how to file for life insurance proceeds.  To help facilitate this process, an insurance company is likely to need the following information: a statement of claim, with the full name and address of the beneficiary or the person making the claim; a certified death certificate showing the date, place and cause of death; and the actual policy or certificate if available.  Many insurance companies will pay insurance proceeds into an interest-bearing account, giving the beneficiary time to make well thought-out decisions regarding the use of the money.
• Notify the deceased’s employer.  If the deceased was employed, you or other family members may be entitled to benefits.
• Submit outstanding medical claims to the proper insurer.
• Notify banks at which the deceased had accounts.
• Notify creditors.
• Determine what taxes are due and file tax returns.
• If the deceased served in the uniformed services, his or her spouse and minor children may be eligible for certain benefits.  For more information, contact the nearest Department of Veterans Affairs (or call 800-827-1000).