CHECKLIST

MAKING THE NECESSARY ARRANGEMENTS
The death of a family member or close personal friend is a difficult subject for almost everyone. The tendency is to postpone dealing with it until the time comes. Unfortunately, when it does, survivors are expected to make many crucial financial and legal decisions.

For a grieving and unprepared person, the pressure to make these decisions can seem overwhelming. It need not be. Preparation is the key.

CONTACT A FUNERAL DIRECTOR
Following the death of a loved one, families usually rely upon the funeral director for guidance. It is important that this person be involved immediately because he or she can begin to help you make arrangements for funeral services and burials.

CONTACT A LEGAL ADVISOR
When a loved one dies, you should seek legal advice on such matters as re-recording property deeds and the disposition of stocks, bonds, and savings. Also, the disbursement of the insured's business and estate assets, and the drawing up of a will for the widow or widower, will require immediate attention.

LOCATE IMPORTANT PAPERS
Aside from any insurance policies, remember to think about safe-deposit boxes, business agreements, bankbooks, and securities certificates; real estate deeds; wills; recent copies of income tax return forms, and other records of earning; Medicare number; marriage and birth certificates; military discharge papers, Veterans Administration claim number; automobile registration; and instalment payment books. The death certificate is the basic document you will be working with. You'll need a number of copies, so you can establish claims under life insurance policies and file for Social Security and Veterans benefits. In many cases, the funeral director can secure certified copies.

VISIT TRUST OFFICER AND TAX ADVISER
A trust officer is an important resource for survivors. This individual is an expert financial advisor who deals in investments, estate settlements, and household finances. A tax agent or CPA should be consulted if you think that the deceased's estate might be subject to federal taxation.

CONTACT EMPLOYER
Be sure to contact immediately the deceased's place of employment. Since most people are covered by group insurance where they work, inquire about the benefit due you and how to file a claim. Also, ask about pension fund benefits, accrued vacation and sick pay, terminal pay allowances, disability income, and credit union balances. Pay special attention to the deceased's hospital, surgical, and disability coverage’s to see whether you and your dependents are still eligible for benefits

CONTACT YOUR LIFE INSURANCE AGENT
You should also contact the deceased's life insurance agent. In most cases, life insurance companies require only two forms to establish proof of claim: a claimant's statement and a death certificate or an attending physician's statement. The claimant's statement must be completed by the beneficiary. If you are the beneficiary, you'll be facing crucial financial decisions at a time when you may be least prepared to make sound financial decisions. To add to the burden, the amount of money involved may be very large. For this reason, some life insurance companies offer an interest-bearing money market-type account that allows you to write cheques against your benefit proceeds the same day you receive your cheque book. This provides immediate access to and complete control of your proceeds, while they earn a competitive rate of interest and a guarantee of principal by the insurer. It gives you the time you need to evaluate your changed financial situation and to talk things over with your trusted advisors.

GATHER ALL CURRENT BILLS
Many instalment loans, service contracts, and credit card accounts are covered by credit life insurance, which pays off the account balance in the event of the death of a customer. Make a prompt request for release to each bank in which the deceased and you held a joint account. This is preliminary to your withdrawing funds from that account. Property-casualty insurance policies should be updated to reflect changes in ownership.

CONTACT ORGANIZATIONS
Contact unions, service organizations, or professional organizations the deceased belonged to in order to find out whether you are eligible for any benefits. Many such groups offer life insurance policies at group rates.

CONTACT SOCIAL SECURITY (Centrelink) OFFICE
If the deceased was covered under Social Security, you may be eligible for a lump-sum death benefit. It is usually paid to the surviving spouse, but it can be paid to others under certain circumstances.

MEET ADVISORS
Now is the time to secure the services of professional financial advisors who will make sure that your records are in order and see to it that your wishes are met. The best time to make contact with a lawyer is now. That's because the best time to prepare a will is now. Your insurance professional can help in settling your insurance claims, including planning for future monthly income needs, as well as education, business, and retirement funding. Also, he or she can assist you (along with your solicitor) with your estate planning, so that you will derive maximum benefit from your estate while you are still living.