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Handling Finances After Someone Has Died

Handling Finances After Someone Has Died

When someone dies, they leave a lot of things behind on this Earth, and it’s up to their loved ones to sort out all the admin and organisation that comes with a death. Of course, many of us simply won’t know what to do in this situation and may wonder what sort of finances need to be sorted out. Here’s a guide to sorting out finances when there has been a death, so that you can get things organised and begin to settle their estate.

Get a quote for their funeral

One of the biggest expenses to deal with post-death will be the funeral. People generally don’t like to wait around to hold the funeral, and usually want to get it done as soon as they can. It’s worth visiting https://www.academyfuneralservices.com.au/ and contacting the funeral directors to get a quote. Some people are happy to pay for the funeral out of pocket, or you may be able to recoup the money from the estate, and the funeral director will be able to talk you through this process.

Check whether there are any plans in place

If it’s an older relative, or someone who has been sick for a while, who has died, then there may be plans in place already. They may have pre-paid for their own funeral or have a life insurance policy which will pay out on death, and this can cover expenses. It’s worth checking what’s in place, as it can be useful to have financial support when someone dies. 

Start the death notification process

It’s important that you notify all interested parties of the death as soon as possible, and make sure you don’t continue to use your loved one’s bank account or switch bills to your name just yet. Most countries have a death notification scheme, where you simply register the death, and they notify a wide range of agencies and organisations, which means you don’t have to make multiple contacts. 

Notification schemes usually cover:

  • Banks
  • Phone companies
  • Utility firms
  • Government agencies
  • Insurance companies

This saves you a lot of time and hassle, at a time where it can often be difficult to focus and make time to sort out things like paperwork.

Once this has been done, most companies will then contact you on behalf of your loved ones’ estate and give you the next steps to take. Usually, this involves sending them some paperwork, or providing details to switch the account. It all depends on whether you need to close the account, or whether it’s been transferred. Don’t worry, these agencies will be used to dealing with deaths, so are generally fast and efficient at getting things sorted.

Dealing with finances after death is about more than just sorting out a will. You’ll need to ensure that the right people are notified, so that accounts can be settled. Once this is done, you can divide the estate as per their request, and this can help you to move on in the long term.