Accounts to Close When a Loved One Dies
Nobody likes to think about the fact that someday we’re going to leave this earth. But it’s a certainty—and we have to be prepared for it. When a loved one passes away, there are a lot of things you need to take care of. One of them is closing accounts. If you just let it be and rely on the what’s-the-worse-that-could-happen mindset, It would most likely come back and become your headache. In this blog, we’ll present to you the most important accounts that you need to close after the death of a loved one.
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If you are the executor of the will, you can pull out all the monetary assets of your departed loved one and close the account. By any chance that the dearly departed did not leave a will, the judge can settle the matter by appointing an administrator. If ever you were left with such a responsibility, it won’t be much of a hassle because you already have all the authorization that you need. Just be sure to have all documents that might be needed to show proof of relation.
Credit Cards and Loans
To ensure that the credit cards and existing loans would not be used to enact any fraudulent activities, cancel your departed loved one’s credit card and other existing loans. Most of the time, the requirement that will be needed is the death certificate. As well as the proof that you are authorized to settle the matter of canceling their accounts.
Subscriptions and Memberships
With all the advancements in technology today, there are so much applications out there that we can subscribe to such as movie streaming sites, music listening, and sharing applications, among many others. Chances are, your loved one has subscribed to a particular app. Make sure that you cancel the subscription as soon. This is so that no payment will need to be settled the next billing date.
It is pretty simple to cancel an insurance policy. Since they are technically made for circumstances such as death, they are prepared with a directive on what you can do to terminate the insurance. Instructions for claiming the insurance benefits would be given as well if there are any. If it is a home or car insurance, the new owner should consider if they will continue the subscription. Almost all insurance policies are transferrable. Just like with all other accounts, prepare a copy of the death certificate as it is a requirement for the transaction.
If the departed lived alone, make sure that utilities would be paid and cancel it as soon as you can. Contact each utility company and inform them that you are canceling their services because your loved one has passed away. Remember to ask for an official letter stating that the account has been closed. This is so that there won’t be any confusion later on about who paid for what. This is important so that you don’t get charged continuously.
Closing accounts may be the last thing on your mind when your loved one just passed away. Canceling their accounts will help you avoid any future conflicts. It’s one less thing you need to worry about in the future.
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