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ThimbleberryUAuthor: Amy Walls
Financial planning is all about vision - what do you want for the rest of your life? Amy Walls of Thimbleberry Financial helps clients paint that picture every day. And it's what we will do in this podcast. Language: en Genres: Business, Business News, Investing, News Contact email: Get it Feed URL: Get it iTunes ID: Get it Trailer: |
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What To Do When Someone Dies
Episode 134
Monday, 12 May, 2025
In this episode, we tackle a difficult but crucial topic: what to do when someone passes away. While it’s not a conversation most people want to have, planning ahead can save significant stress and confusion for those left behind.We start with the immediate steps that need to be taken. First, a legal pronouncement of death is required, which is usually handled by hospital or hospice staff, but in cases of a home passing, 911 or hospice must be called. Then, notifying immediate family and close friends becomes a priority. This can be overwhelming, so enlisting help to spread the word is essential. Arranging transportation of the body, securing the deceased’s home and belongings, and taking care of any pets are also critical early tasks.Next, we move into handling financial and legal matters. Obtaining multiple copies of the death certificate is key, as most financial institutions require them. Locating the will or estate documents helps determine whether probate is necessary. If the deceased’s assets were solely in their name, probate is likely required. However, if assets were jointly owned or placed in a trust, probate may be avoided. It's important to notify key institutions—banks, investment custodians, mortgage lenders, pension providers, Social Security, and credit card companies—to avoid complications like continued payments that may need to be repaid.Probate can be a time-consuming and public legal process, so we discuss three common scenarios:If assets are solely owned, probate is required to legally transfer them.If assets are jointly owned, probate is not needed, and the co-owner retains full ownership.If a trust is in place, assets can be distributed per the trust’s instructions without probate, saving time and legal fees.After probate (or if it’s not required), the final steps include distributing personal belongings and assets, closing remaining accounts, and handling final taxes. Supporting family members emotionally and financially is also critical, as unexpected financial burdens can arise even with the best planning.The best way to ease this process is by planning ahead. Having an updated will or trust, maintaining a list of financial accounts and key documents, using a password vault, and discussing final wishes with loved ones can help ensure a smooth transition. Regularly reviewing beneficiary designations on accounts and property is also essential to prevent unintended complications.While this is a difficult conversation, taking steps now can relieve significant stress later. If you need guidance, Thimbleberry Financial can help. To get in touch with Amy and her team at Thimbleberry Financial, call 503-610-6510 or visit thimbleberryfinancial.com.
