#Estate planning checklist for after death full#

Benefits are reduced before full retirement age but can't be claimed before age 60 unless disabled and at least age 50. So, if you were both receiving Social Security, you'll only get one check going forward (the highest one). Generally, excluding any nuances, a surviving widow(er) who is at least full retirement age will get 100% of the highest benefit you or your spouse was receiving. For example, mandatory distributions from retirement accounts don't begin until age 73 if your spouse was born between 1951-1959. The rules regarding inherited retirement accounts have changed significantly in the last few years so don't rely on prior guidance. Surviving spouses have a lot of choices after inheriting a retirement account. If you're the primary beneficiary of an IRA, 401(k) or other type of retirement account, work with your financial advisor and attorney to discuss your options. Typically, joint bank accounts will be updated to reflect ownership in your name only, the same for non-retirement investment accounts. The attorney will be able to advise you on everything. Some include the state you live in, ownership at death, if there's a will, if the asset was in a living trust, etc. There are many factors to consider, which is why it's so important to have an attorney. Assets owned by your spouse individually, that don't pass through a beneficiary designation like on a retirement account or life insurance policy, or through a transfer-on-death or payable-on-death arrangement, will likely go through probate. Hopefully, your spouse had a will and perhaps a trust set up and funded. The estate planning attorney is going to be critical here. Asset Titling, Beneficiary Elections, And Probate Regarding credit cards, if you're an authorized user and not the primary cardholder, you'll also want to discuss whether or not you should make payments or even continue to use the card.

#Estate planning checklist for after death update#

For example, is a joint bill paid from a bank account your spouse owned individually? If so, you'll likely want to update that to ensure payments will continue. It's important to make a list of everything and discuss with an attorney. Notify current/former employers it's common to have employer-provided life insurance, stock options, and other benefits that may require your attention. The funeral home typically notifies the Social Security Administration. For help finding all the accounts, ask the credit bureaus for a report and notify them of your spouse's passing. Outstanding debts or liabilities, including any mortgage or loan balances, credit card balances, and unpaid billsĪlso determine how the bills are being paid, either from joint bank accounts, your spouse's or your own account.Tangible assets and your spouse's personal property.Life insurance policies and beneficiaries.Retirement account statements and beneficiary designations.Investment account statements (brokerage and/or trust accounts).The existence of a fiduciary duty does not prevent the rise of potential conflicts of interest. There are no guarantees that working with an adviser will yield positive returns. Working with an adviser may come with potential downsides such as payment of fees (which will reduce returns). All investing involves risk, including loss of principal. This is not an offer to buy or sell any security or interest. We do not manage client funds or hold custody of assets, we help users connect with relevant financial advisors. SmartAsset does not review the ongoing performance of any RIA/IAR, participate in the management of any user’s account by an RIA/IAR or provide advice regarding specific investments.

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