What to know and do when a Settlor Dies.

Death can be a difficult time for everyone.  However, for a surviving spouse it is often overwhelming.  This is especially true when working with the legal and financial process.  It can seem like there is an endless list of "to do" items.  This article is going to focus specifically on what needs to be done relating to the asset protection planning created by Lodmell & Lodmell, as well as the related Estate Planning you may also have in place and some of the other related items which you may not have thought about. While it is not an exhaustive list that covers absolutely everything, it will give you a very solid place to start. 

Of course, if you are a Lodmell & Lodmell client and you have any questions, please do not hesitate to call us directly at 602-230-2014 or email to [e-mail].

SECURE PASSWORDS, FINANCIAL & BANKING INFORMATION

• The deceased email address and PHONE are the MOST IMPORTANT because they can be used to reset passwords and access accounts.  SECURE THESE FIRST!!
• Secure all passwords and login information for the deceased and make a master list. You may need to access the email to reset passwords.
• Inventory all of the deceased's digital assets, from itunes accounts to cryptocurrency exchange accounts. Most companies now have a process to transfer the value of the digital assets and acting timely may be important.
• Protect against inheritance theft and cons that may attack the estate by not sharing or speaking with anyone who is not a trusted person or advisor.  Death certificates are public record and scams are rampant.  At this point, nothing is that urgent, take your time and confirm everything before taking action, especially when dealing with financial assets and money.
• Contact any services or subscriptions the deceased have to halt services. (Phones, internet, etc..) Cancel any recurring payments which are no longer desired.  DO NOT DISCONNECT THE CEL PHONE UNTIL YOU ARE SURE YOU NO LONGER NEED ACCESS.
• Organize any documents that were owned by the deceased (Ex. Trust Documents, Martial Agreements, Bank Statements, Divorce Papers, Etc…)
• Notify Insurance Companies of deceased and confirm any potential death benefits. This should be done even if you cannot find a life insurance policy.  Just because you don't find a policy does not mean there is not one.
• Secure valuables from residence and ensure that everything is where you want it to be while you are working through the estate.
• Contact social services (including social security) to determine any benefits of the deceased.
• Arrange Mail to be forwarded or picked up for the deceased to representative or trustee.

LEGAL

• Verify whether the deceased had a last will or trust documents (Living Trust).
• Call the decedent’s attorney and inform them of the death.
• Read All Estate Planning or trust documents the deceased may have.
• Order Death Certificates.  You will need this for transferring any accounts or legal titles.
• Consult with a local probate attorney to open a probate for any assets which are not in Trust. Opening a probate also starts the Statute of Limitations in many states for creditors, so even a small probate may be advisable.
• Do not start distributing the estate or giving away assets until you have confirmed the intentions of the deceased, and any expenses or tax payments that may need to be paid.  Again, nothing is that urgent and taking a little extra time can save much trouble later.

IF YOU ARE A LODMELL & LODMELL CLIENT

• Contact us as soon as you reasonably can to discuss the process.  There are likely just a few items we will need to do, such as amending the LP to remove the deceased person as a direct partner.  We are also able to communicate with the local estate planning attorney to help determine if doing any estate planning at death is appropriate.  This may include setting up a bypass trust or filing an estate tax return.