Beneficiary Resource Center |
What To Do After A Loss: The First Six Months
Prepare a Budget
Record all income and expenses for several months to help determine where you stand financially.
Review your own will.
If you do not have a will, have your attorney draw one up for you. This is a proper time to
make contingency plans in the event something happens to you. Remember to appoint an
executor, and if you have minor children, a legal guardian. Be sure to ask person(s) you
have in mind for these roles for their permission before you appoint them.
Change names on joint property.
Be sure to include joint billing accounts, credit cards, house, property, automobiles and
subscriptions. Once your property is released from joint tenancy, you should change any fire,
auto or other insurance coverage you may have held jointly. Change beneficiary designations
on life insurance policies and retirement plans that named the deceased. Contact your local
Motor Vehicle Department to clear title to your automobile, since it is handled differently
in each state.
Find out if state and federal taxes on the estate are payable and when they are due.
Most states impose either an inheritance tax or a state death tax. (Check your state law for
filing deadlines.) The federal government also taxes estates valued above a certain amount
and requires a return to be filed within nine months. Since tax laws are complicated, and
can have a tremendous effect on you, consult a tax attorney and/or certified public accountant.
Postpone the decision on where to live for at least six months.
If you feel the need to act sooner, consider taking temporary measures such as renting out
your house instead of selling it, visiting family for a week or two before moving, or taking a
long vacation before relocating. This will give you a chance to feel out a new neighborhood,
living arrangements and conveniences.
