Having all of your account information is a great first step! When your executor is working through your estate, that will provide helpful information; but it's incomplete. Your executor will know what accounts you have, but not what to do with that information. We will work with you to build an inventory list of all entities with whom you have accounts. We will then contact each of those entities to determine how they would like to receive information regarding the closing of your account and we will document that process. That will then leave your executor with not only a list of your accounts but also how to close them including the preferred contact method and any additional requirements.

It's important that the actual account holder be an active participant in the process, so I would encourage you to collaborate with them. We are happy to join in those conversations to provide guidance and insight on why this would be of value for them and for you as their executor.

Absolutely not. You may disclose as much or as little as makes you comfortable. At the end of the process, you will receive a notebook and/or a digital file that will have all of your service providers, their preferred contact method, and any other requirements to close the account. Additionally, each service provider page will have a place for your account number, an indicator of whether the account is solely or jointly owned, an indicator of whether there is a TOD/POD on the account, your current payment process (so that your executor will know what may be drafting from a bank account or credit card) as well as any login and password information. It is not necessary for us to know anything other than the service provider's name and, potentially, location to be able to contact them but we are also prepared and equipped to handle sensitive and confidential information should you want us to complete the entire service provider page. Our goal is to make this as helpful and useful as possible for you and for your executor.

Your accounts will still need to be closed. It will make things a little more complicated if there is no one designated by the courts as your executor because most entities want proof of someone's authority to modify your account, but it's not insurmountable. We are not attorneys, but we have partnered with some excellent estate attorneys who could help draft a simple will and other important documents, such as Power of Attorney documents for various situations.

The timing does matter but our plan is to be respectful of your grieving needs. There are steps that need to be taken as soon as possible after death to prevent fraud and to protect the financial assets of the decedent. Once the death certificate is available and there has been a preliminary determination of authority, there are notifications that need to be sent but that is fairly minor and will not be time or energy consuming. Once that's complete, we will step back and allow you time to be with your family and to grieve the loss of your loved one. When you feel prepared to address your executor duties, we will work closely with you to identify all entities which need to be notified. We will take as much of the legwork off of you as possible including providing clear contact information and providing the actual documents to be sent for those requesting notification via mail. The timing will be driven by you, but we will provide some guidance for instances where timing may have a financial impact such as a refund or a prorated payment; however, it will be up to you how quickly you'd like to proceed. We've experienced loss as well and clearly understand that there are days that simply getting dressed is an accomplishment, so our desire is to lessen the burden, not add to the stress.

There are lots of unscrupulous people in the world and those who seek to profit from other people's misfortune. Millions of deceased people have their identities stolen by those who open accounts and incur debt in the name of a deceased individual, not only strangers, but sometimes even family members. While it doesn't necessarily create a financial liability for the estate, it does create an enormous headache for the executor during a time when your emotions are high and your time could be better spent. As the executor, you need to take immediate steps to prevent that. Additionally, accounts that autodraft payments through a bank account or a credit card could continue to take those payments for accounts that are no longer needed. We had one client who failed to remove her deceased husband from her auto insurance, so she continued to pay her auto premium with him as a covered driver and, because his driving record wasn't stellar, the impact to her premium was hundreds of dollars a year extra. Some are less financial but could still provide a benefit such as airline loyalty programs that let you transfer points rather than just losing them.

When you're prepared to begin addressing the estate issues, we will be right beside you. If there are paper files, we will start there. We will review bank statements and credit card statements to look for autodrafts or periodic payments that may suggest an account. We can review mail or anything else that has been delivered to the house to see if it appears to be something with financial implications such as a subscription. I will also ask questions that you, as their loved one, may be able to answer that may give us some other indicators. We will likely not get them all unfortunately, but hopefully can address many of them and then we will address the others as they pop up.

Building the inventory list ahead of time would be a great place to start! Our thought-starters list has over 100 items on it and, as an example, my family's personal inventory list had over 150 service providers that will need notification. Remember that we don't just focus on accounts with a financial impact. We also include service providers such as physicians. We had one client whose wife had passed and he felt that he was handling things well until the reminder showed up in their mail that it was time for her to schedule her mammogram. By notifying service providers of a death, you can hopefully alleviate those types of painful reminders. We would be honored to work with you and your loved one in a pre-need capacity so that you will be better prepared and so that you can focus your time and energy elsewhere while still fulfilling your executor obligations.