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Why do you want to notify the government?
Because if someone was receiving something like social Security payments or annuity payments, and those things continue to come into the account, and say, you know, after you go through the court system whatever, and you get access to the account,
and you know they're going to find out. They're going to catch up and realize this person died at this time and those funds will have to be paid back, so that social Security annuity payments, retirement payment and stimulus payments, so people had to pay back, you know, stimulus money if you continue to collect that, because they may not find out right away, but they will find out and it will have to be paid back if someone you know cashed it or took that money or used that money.
So those are the things that you want to do. Then finally, insurance, if you can get a hold of the insurance policies on that the person had. All you need is really a death certificate and ID if you are the beneficiary, and you'll be able to, you know, fill out whatever paperwork the insurance company sends you. Hand in that death certificate and they literally will just cut you a check.
That's how easy it is. So hopefully it's a legit insurance company.
The insurance company is still in place, and they will you know, cut a check. And that's usually important if you need to.
Pay for burial and things like that.
Sometimes families are relying on that, so you want to make sure that you do that. And some other things like if someone owns a home, you don't want the homeowner's insurance to lapse on the property, so you want to make sure that you update that information. You want to let the insurance company know that they pass away and that you know you're in the process of you know, taking over the estate or getting a hold of the estate,
so that they don't you know, stop that insurance. And typically if there's a mortgage, they'll continue to the mortgage company. You will continue to pay it because they want that insurance to be on the property because they have their lean. But if not, if there isn't a mortgage, you definitely want to make sure that insurance is continued. All right,
So what are sort of the next steps? So then you're going to go through the mail, right Obviously you're going to look for bank accounts because bank statements will tell you a lot of what's going on in that person's life.
So you'll know, you.
Know what they what bills they're paying, you'll know what money is coming into the account.
And so you could start to sort.
Of create a map or a listing of like where are their assets?
Where can we find these assets?
So, like finding a bank statement is golden if they I know, a lot of times everybody does things like electronically, what do you want to make statements come into their house anymore?
So email is going to be golden.
It'll be really hard to get that password if you know, if you don't know anybody who actually knows it. So this is another piece of information that's important to sort of share or have a list somewhere where someone can get access to this information, because then it'll make it
so much easier for people. But anyways, if you are going through the mail, you find bank statements, you find you may be able to find insurance because insurance companies don't send mail every single month, but you might be able to find that. If you can find employer information, that would be great because the company who will likely know at least what retirement they have, what you know insurance they might have, that will be helpful for the family to sort of use or give you a start
for that. So this is kind of like what the real deal is how it actually goes down when when there's no information, and then if you if there's a phone, you can actually go through the phone. So I had really found out recently that Apple has this new legacy contact within the phone.
So if your Apple.
User, sorry Android, but I mean I'm sure they'll catch up with something soon.
If you go to.
Your Apple ID and go to passwords and security and you scroll all the way to the bottom, there's a legacy contact so you can actually put your loved one.
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And so whoever you want, like I put my husband and my daughter as my legacy contact, and it allows you to send them a QR code. So with that QR code and a depth certificate so they can't just get into your phone. Also with that QR code and death certificate, they will be able to get access to your information. So they'll get your phone, they'll get your your photos, you know all that stuff. There's like a few things they don't get, but important stuff they will get.
So you can kind of leave information in there in your phone to allow someone to get that information and vice versa. You could talk to your spouse and your loved one with your parents and stuff like that and set that up so that you'll be able to sort of get information when you need it.
And it's good because you can't get it now, but you'll get it when you need it. Right. The other thing you.
Want to do is find deeds, if you can find any deeds to property so you kind of know what exists. And typically a deed will always like have some language at the very top that identifies it as a deed, and that way you'll know because every different states it looks different, and that way you'll know what it is and you'll be able to you know, start to collect that information. So you're sort of collecting information so that you kind of know what the state is and you
know what to do with that. Next, you want to cancel what's not needed, right, so you don't want bills to continue to pile up up. So if there's something like you know, obviously Netflix or cable or if anybody still has cable or subscriptions, you know, you just want to minimize that ongoing debt. Whatever it is that's not needed, you could just go ahead and cancel that, and then you may want to talk to an a state attorney.
So it depends on how large asset is, how much time you have or the or anybody or the person has on their hands to actually deal with this, and a state attorney basically will help you through this process and will follow all the necessary paperwork in court to help get the a state handed over. Now, this is if you if the person passed away without a will or with only a will, because wills also do have to go through the court system, which if you probably you may have heard me say that before.
So that's the next step.
So once a court case is open, you know what happens is paperwork has to be filed. All the information that I'm like telling you now need to be gathered. Paperwork has to be fouled. Typically we need to know how large the estate is because that's going to depend on how the paperwork is going to be abould And then once all that stuff happens, I won't bore you with all those steps, but you get what's called letters.
So it's either going to be letters testamentary if there was a will, or letters of administration if there was no will, and then that person who is appointed will be able to now go set up the estate. So what is setting up the estate? So you would have
to get an EI in number for the estate. You would have to open up a bank account so that whatever accounts that the person had or whatever cash, et cetera, that could be then transferred to that account and you can, you know, handle whatever needs to be handled from there. And then the next thing you want to do is potentially close accounts. But you don't want to close accounts too early because you want to make sure you can
get as much information from those bank accounts as possible. So, like I said, any deposits, any withdrawals, things like that, will be helpful. And then it's like if like certain payments are coming in that would pay for the mortgage and things like that, maybe you don't want to stop those.
It depends on what it is.
Like I said, if it's from the government, you probably have to stop them, but if not, then maybe you want that to continue. And then you know, set up the estate, access the accounts to be able to get all the assets out.
So now, one thing I wanted to point out.
I don't know if a lot of people still have safe deposit box these days or if not, But if there is a safe safe deposit box, you can only access it to.
Get the will.
And then if you once you have the will, then you have to wait for the whole estate to be you know, you have to wait for these letters to be issued and then you will have access to whatever else is in that safe the positive box.
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