WorldWide Drilling Resource

66 MARCH 2015 WorldWide Drilling Resource ® ___VETERANS: If the deceased was a member of any branch of the military, they will be entitled to some benefits. Non-service connected deaths receive a U.S. flag, which is usually presented by the funeral director at the service. Burial markers, reimbursement for burial/funeral expenses depends on length, type, and time of service. Locate the VA Service Officer in your county and make an appointment to see him/her. Besides a copy of an honorable discharge, you will be told what else to bring. The VA Service Officer has all the forms and will help you complete and file them. ___BANKS, CREDIT UNIONS, MORTGAGE HOLDERS: If you have a joint account(s) and the primary account holder is the deceased, some banks will close the account(s) and open new ones with you as the primary account holder, transferring funds from the old to the new accounts. You’ll need a certified death certificate for them. Before closing the old checking account, be sure you have no outstanding checks or scheduled auto pays (drafts). Give at least a two-week notice for the auto pays to update your account with the new information. This will avoid bounced checks and extra fees when auto pays were denied because of changing the checking account. This is also a good time to select someone (family or friend) and give them Durable Power of Attorney to handle your financial affairs in case you become incapacitated. If you have a lawyer, he can prepare the form or you can probably download one on the Internet. Be sure to keep this document in a safe place and provide the person you are giving the Power to a copy of it as well. You can change this at any time you desire in the future, should that become necessary. ___CREDIT CARDS (Major credit cards as well as store accounts i.e., Lowe’s, Sears, etc.): If you don’t already have a credit card with YOU as the primary account holder, get one ASAP. Just like the banks, when the primary cardholder dies (even if you can sign on that card), the card is cancelled. If you have good credit, you can apply for one in your name, which entails more paperwork and takes time to process; in the meantime, you’re without a card. If the card to be cancelled grants rewards, be sure to collect them before the card is cancelled. You may even be able to use the reward cash value as a credit on the outstanding balance. Also, you may not necessarily be responsible for balances on accounts. Know your rights! As far as your credit line, don’t be surprised if it’s not as high if the deceased earned more than you. ___UTILITIES (electric, gas, telephone, internet, cable/satellite, etc.): Like the credit card, even if your name is listed on the account, but you’re not the primary account holder, they may close the old account and issue a new account number… more paperwork. So be sure you know what will happen. Ask questions. If any of these are monthly auto-pays (drafts), be sure to give a two-week notice for them to process the new account information. You can argue all you want, like we did, but in the end it went their way. To avoid having to use your credit card for payment, while you argue with them, our advice is to let them send you the forms you’ll need (they may also be available as internet downloads), fill out the mounds of paperwork and move on. ___PROPERTY DEEDS, TAXES, etc: The death certificate must be filed with the Clerk of Court (for a fee). Don’t assume this is done for you. Property Appraiser – If property is jointly owned, an “Affidavit of Continuous Marriage” form can be obtained from them, then filed with the Clerk of Court…another fee! In Florida, there is a widow’s exemption, another form to be filled out at the tax appraiser’s office. Depending on your state, and your income (NOT assets) there may be additional exemptions available. Tax Collector – In Florida, the property appraiser is responsible for providing the updated information to the tax col- lector relating to real estate taxes. Vehicles owned jointly need to read –or– otherwise now is a good time to make the change. This information can be pulled up on the computer at the tax collector’s office. In our county, they were very helpful. ___CHANGE OF BENEFICIARY for YOUR insurance policies, IRAs, bank accounts, etc: Although it’s more paperwork, this is a good time to update your records, especially if the deceased is listed as the beneficiary. It’s a lot easier to do it now, while you still have the migraine, and get it out of the way. FOLLOW-UP, follow-up, follow-up: Get names of people you talk to, make notes of conversations, and date them. You’ll feel like you’ve won the lottery if everything falls into place. Maybe we were unlucky because we had to follow-up, follow-up, and do more follow-up before everything was transferred to our names. “When I’m Gone, Practical Notes for Those You Leave Behind” by Kathleen Fraser: We don’t want others to spend valuable time like we did trying to find information to make the necessary changes after we lost our spouses. To make it easier when YOU pass, we highly recommend this book, which we’re both working on (call it a work in progress), so it’s easier for those we’ve assigned to handle our affairs when we’re gone. One last note, it’s never too early to start, even if you haven’t experienced a recent loss. Prepared by Mary Ann Pelletier Consultant for WorldWide Drilling Resource ® Checklist cont’d from page 65.