Coping with the death of a loved one can be incredibly stressful. There are so many things to think of and in the midst of it all, there’s hardly any time for you to just stop and grieve. Especially when it comes to dealing with finances, you might not be able to make head or tail of the situation. Here are some tips that might ease the process and at least slightly reduce the stress you must be feeling:

The Grief Period

There’s a certain period in which you should avoid making big decisions- for example, like selling your house after your spouse passes away. It might seem like the right decision to make at the moment but this could financially set yourself back or put you in a bad emotional place later on if you hastily give away all the possessions that remind you of your loved one. At least wait six months before you make any concrete decisions.

The Death Certificate

Once you go about handling the funeral services Perth arrangements, make sure to also request multiple copies of the death certificate. It’s always better to overestimate how many copies you’ll need because you’re going to need this for various processes, including for insurance, financial institutions and other companies. Get between 10 to 20 copies if possible.

The Employer

If your loved one was still working, you may be entitled to certain support from the company- and you will need all the support you can get during this time so don’t shy away from asking for it. Contact your loved one’s employer and inform them of what’s happened. Next, talk to them about the benefits coverage- if you and your other family members are still entitled to it and what exactly falls under it if you’re unsure.

The Will

Finding the original will would essentially serve as a guide to lighten the load of making these financial decisions. When it comes to distributing property and assets, however, a legal process known as probate will take place and this can actually be quite overwhelming to people who don’t know much about it. For this, it’s best that you hire a financial advisor along with a probate attorney to work with in court. Remember to keep track of all the expenses related to your loved one’s death if you’re named the executor of the estate because it may be needed once you file for tax returns.

Other Documents

Probably the most exhausting part of all this will be to track down all the accounts. You can start by sorting through his/her mail for the past 3 months to look for any less obvious documents that you may have missed. While not a comprehensive list, these are some of the documents you should keep an eye out for- banking and investments, insurance policies, mortgage and loans, tax returns, utility bills, credit card bills etc.

Above all else, remember that you are not alone and you can ask for help. This is an intimidating process and you’re not supposed to have everything put together in one try.

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