Passing away of a spouse is the most detrimental event that could happen to any individual and can also set them back by quite a lot, both emotionally and financially. In case that the spouse who passed away was the bread earner of the family or earned the majority of the funds that run the family, bringing the household back to its normal running self can get to be more than a small hick up. Taking the help of legal professionals becomes mandatory in this situation. Here is where Ed Lloyd & Associates PLLC rises to the occasion by extending some of the best tips to control the finances in situations as such.
Filing for Life Insurance Claim
If your spouse had a life insurance to his or her name, it is necessary to let the life insurance company know about the decrease of the policyholder. The next step involves placing the claim for the policy amount. As the person has deceased, you as the spouse are liable to receive the whole amount of the insured policy. Take the help of Ed Lloyd & Associates PLLC for making the insurance claim and receive the sum in the least amount of time.
Contacting the family attorney or other expert attorneys such as from Ed Lloyd CPA can help you get both your finances and properties sorted. If these properties were in the name of the deceased or under joint ownership, the papers deserve a change in the name of the owner.
Lean about the Bank Accounts
Post the death of a spouse it is always necessary to contact the bank. Letting the bank know about the death, calls for some change in the papers and also the ownership of joint accounts and lockers. This is an important step in safeguarding the finances and keeping the future of the family secure, no matter what.
Other than these tips, Ed Lloyd & Associates PLLC also provides other tips that can help you safeguard your finances, in case a spouse passes away.
To know more about Estate planning and the tools required, read - An Introduction to Estate Planning Tools by Ed Lloyd & Associates PLLC