CHECKLIST TO USE UPON DEATH
(1) Notify a funeral director.
Either you or a relative make an appointment to discuss
funeral arrangements, and to obtain at least 10 copies of the
decedent's death certificate.
(2) Gather following financial records and make
list of all assets held in the name of decedent's trust,
the decedent's individual name and jointly with another person
with value as of date of death:
| - Wills and Trust Agreements |
| - checkbooks |
| - savings passbook |
| - statements of account |
| - records
of investments |
| - financial
statements |
| - deed,
title policies, appraisal, mortgage documents |
| - contracts |
| - insurance
policies |
| - unpaid
bills |
| - income
and gift tax returns |
| - leases |
| - all
papers of a business nature |
| - retirement
plans (pensions, IRAs) |
(3) Make inventory of all outstanding
debts.
(4) Notify your attorney and make an appointment to review
decedent's estate plan and discuss plan of action and division
of responsibility.
(5) Review investments and determine need for financial
planner assistance.
(6) Advise post office to forward mail if decedent lived
alone.
(7) Notify Social Security office of death.
Claims may be expedited if you go to the nearest Social
Security office in person to sign a claim for survivor's
benefit.
(8) Notify decedent's
Employee Benefits office.
(9) Notify the Veteran's Administration if decedent was ever
in the service. You may be eligible for death or disability benefits.
(10) After first reviewing
disclaimer option with the attorney notify life and accident
insurer and make claim for benefits (request 712 forms). If
you need emergency cash before insurance claims are paid, a cash
advance may be made from any life insurance benefits to which
you are entitled.
(11) If
the decedent is eligible for Medicare, notify them.
(12) Check,
on liability insurance covering real property, automobiles and
other valuable assets such as jewelry and antiques.
(13) Have
the attorney obtain appraisals to determine date of death value
of all of all real property, business interests and tangibles.
(14) Order
title reports for all real property.
(15) If
total value of items in paragraph 2 above exceeds $1,500,000.00,
an attorney, accountant or enrolled agent need to be retained to
prepare the federal estate tax return (form 706).
(16) Retain
accountant or enrolled agent to prepare decedent's final income
tax return and fiduciary returns for the trust.
(17) File
form SS-4 to obtain taxpayer ID number for the decedent's Trust.
(18) Consider disclaimers.
(19) Open
up checking account for trust and set up separate accounting
system.
(20) Record
decedent's Short Form Trust.
