McInnis & Holloway
Funeral Homes

McInnis & Holloway Funeral Homes
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What financial decisions need to be made after a death occurs?

Even though this may be the furthest from your mind, there are a number of financial matters that need to be settled fairly soon after a death:

  • Make an estate inventory, or a complete record of all important business and personal documents, detailing where each original document can be found
  • Notify financial institutions of the death, starting with personal and joint bank accounts
  • Consider keeping joint accounts open for a few months, to allow the spouse the option of continuing to deposit cheques in the deceased’s name
  • If accounts are not joint, funds could be frozen until the estate is settled, so you may need to draw on other investments temporarily
  • Check outstanding balances on credit cards or loan agreements and make arrangements for payment
  • Find the deceased’s original life insurance policy and contact the agent
  • Check if you are eligible for death benefit payments or pensions, as failure to apply could result in lost payments if you are eligible (see other questions on this site, or contact McInnis & Holloway for information on benefits available)
  • Ensure an individual tax return is filed for the deceased according to requirements in your country

Financial advisors, accountants or lawyers should also be contacted for more information on any of these subjects.

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