Things to know when settling a loved one’s financial affairs

While grief and mourning can be hard and unpredictable, you can take comfort in knowing that the Wealth Services professionals at Synovus are experts at helping you properly settle your loved one’s financial affairs.

Start by locating important documents

Banks, life insurance companies, retirement account custodians and others will need legal proof before they can distribute assets. You will need copies of the death certificate and proof of your authority to close or access the departed’s accounts. You can usually obtain copies of the death certificate for a nominal fee from the funeral home. (It’s a good idea to initially request at least 10 copies.) You can also check the city clerk or office of vital records where your loved one died.

The funeral home will also typically contact the Social Security Administration, but it’s smart to contact them yourself, too, so you can freeze the departed’s Social Security account and prevent identity theft. As for life insurance, while you’ll likely need a death certificate for your claim to be approved, you can start the filing process without one.

Consider contacting an estate attorney

Once you’ve initiated processes that may take a little time, you should gather estate documents, as well as retirement accounts, tax returns, and bank and credit card statements. An estate attorney can guide you through retitling or transferring real estate, handling an inherited IRA, and other complex transactions.

Close checking accounts and credit cards

To close a bank account on behalf of someone who has died, you must have legal authority to manage the account. You may be a joint owner or have been granted authority by a court or judge, usually represented by a Letter of Testamentary. Keep in mind that an individual with power of attorney will need to be named executor of the estate or petition to administer it.