Financial Checklist When Losing a Loved One
Losing a loved one is a life-changing event. On top of the emotional challenges, there are also financial matters to address.
If you are an executor or responsible for settling the estate of a loved one, the checklist below will help guide you through
this process. This can feel overwhelming, but taking care of these matters promptly can help things run smoothly and prevent
further complications.
Please know that you are not alone — your team at Donaldson is ready to provide the service and support you need.
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| ✓ | Collect Information |
| Request at least 10 certified copies of the death certificate through the funeral director or from the health department. | |
| Obtain a copy of the will and make several copies. In addition to outlining the distribution of your loved one's assets, wills may also specify wishes regarding their remains. Read the will carefully before making any decisions. | |
| Gather all identifying certificates: such as birth, marriage or partnership, children’s births, divorce, death (of prior spouse, if applicable), military discharge (if relevant for veteran’s benefits), Social Security cards, immigration paperwork, and any other relevant documents. |
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| Collect paperwork for all life insurance policies, annuities, 401(k) plans, IRAs, and all other insurance, retirement, and investment accounts. | |
| ✓ | Contacts and Notifications |
| Reach out to the deceased’s employer to notify them of the death and obtain any relevant benefit information. | |
| Help finalize funeral arrangements, guarding against overspending. Notify family and friends about the arrangements and write the obituary as necessary. If applicable, notify the Veterans Administration to inquire about survivor and funeral benefits. | |
| Contact Social Security as soon as possible. If the deceased received Social Security retirement benefits, this will help transfer the payments to the surviving spouse (if applicable) and prevent any confusion with ongoing payments. Even if the deceased was not receiving benefits, it's important to reach out to inquire about the death benefit and other benefits that may be available. |
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| Contact the Internal Revenue Service (IRS) to inform them of the death. They can guide you on how to file taxes. | |
| Seek professional assistance to manage tax, legal, and other financial matters. This includes filing necessary forms and making payments for obligations like credit cards and mortgages. | |
| Notify the election board to ensure the voter registry is updated and to prevent any future mailings or notifications. | |
| ✓ | Settling Estate |
| Make sure necessary payments continue like utilities, insurance, mortgage, credit cards and other debt, car loans, etc., and begin the process of helping to cancel accounts or redirect them into the surviving spouse’s name. There may be final expenses to be paid to medical providers. |
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| File a beneficiary claim for each insurance policy and for investment and retirement accounts. Your financial professional can guide you through this process. |
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| File claims with and/or cancel all other insurance policies, such as auto, credit, mortgage, etc. | |
| Begin the process of probating the will with the help of the attorney. If you don't have an attorney, consider hiring one to guide you through this process. | |
| Retitle any jointly held assets, property, or investment accounts, as directed by the will. | |
| Update beneficiary arrangements and provisions of a surviving spouse’s will or your will. | |
| Cancel credit cards and other lines of credit. | |
| Cancel driver’s license, along with memberships, emails and other web accounts. |
Other Helpful Resources:
| Company or Association | Website |
|
AARP |
What to Do When a Loved One Dies |
|
U.S. National Library of Medicine |
Bereavement |
| U.S. Social Security Administration |
Survivors Benefits |
| U.S. Department of Health and Human Services |
National Institute on Aging End of Life Publications |
| National Caregivers Library |
End-of-Life Issues |
| VeryWell |
Grief and Bereavement |
| Annual Credit Report |
AnnualCreditReport.com |
This article was featured in the Winter 2025 edition of the Rising Dividend Report.
Read more articles from this issue here.
