#ESTATE PLANNING CHECKLIST FLORIDA UPDATE#

If no one was named in the will or the person named isn’t able/willing to serve, the court will appoint an “administrator.” The executor/administrator then has to handle the estate assets, any debts/taxes and distributing property. The named executor will need to go to the Surrogate’s Court to request to be formally appointed. As an example, in New Jersey, if the estate doesn’t qualify for simplified procedures, then the assets have to go through probate, which is handled by a court. Your CPA or attorney can often help with this step. For cars, for example, you will need to go to your local Department of Motor Vehicles (DMV) with a copy of the death certificate and the title. Retitle any assets (real property, cars, etc.) in your spouse’s name to your own. You will need to change account titles, file beneficiary paperwork for IRAs, 401k(s), etc.

#ESTATE PLANNING CHECKLIST FLORIDA UPDATE#

If your spouse was your beneficiary, then you’ll need to update all of your accounts, insurance policies, estate documents, etc., in order to reflect your new beneficiaries.Ĭontact your financial adviser. Social Security Strategies to Help Widows Replace Lost Income This is a great time to retain a CPA if you’ve been doing it yourself. This can be done via or via your state’s unclaimed property website.Ĭontact your CPA to discuss all of the issues unique to this tax year.

You may have accounts that need to be changed into your name or closed.Ĭomplete an unclaimed property search for the decedent. Notify banks, credit card companies, mortgage companies, insurance companies and all other important bill-related companies. If your spouse was a veteran, contact the Department of Veterans Affairs to see if there are any benefits payable to you. A search for life insurance policies may be conducted through the National Association of Insurance Commissioners. The sooner you get the funds, the better to help you with all of the expenses. This is typically a very easy process, so don’t put this one off for later. Notify any life insurance companies and file a claim. Depending on the pension plan option originally selected by your spouse, you may be eligible to receive benefit payments. If your insurance is provided by a former employer, you will need to contact them.Ĭontact your spouse’s pension company if applicable.

Social Security will eventually notify the agencies, but it can take several months. Your benefits may change after a spouse’s passing, so you’ll need to notify them ASAP.Ĭontact the three credit bureaus ( Equifax, Experian and TransUnion) to notify them of the death. Contact the Social Security Administration.

Estate planning checklist florida