Losing someone is hard but here are some legal and financial steps to take after you lose your loved ones because these are important
Losing someone is hard, and even hard is to be mentally functional after knowing about the loss. In the present times of pandemics, it is a sorrowful state obviously as every passing day, someone is losing their loved ones. And at such a point in time, it can be very difficult to think of anything else than that of the loss. But there are a few things that are to be immediately taken care of after someone passes away. Some financially and quite necessary after the demise of a person, for the security of your family and the bygone. Here are some legal and financial steps to take after you lose your loved one because these are important.
Legal and financial steps to take after you lose your loved ones
1. Ensure that you get a Death Certificate done and get multiple copies of it done
A death certificate is the most crucial document you need to have after the demise of any of your loved ones. If you are losing them in the hospital that you will have to fill a form with basic details like the deceased’s name, age, father or mother’s name, address, and so on. This form is then transferred to the central municipal body’s registration centre/zonal office, where the death certificate is released at the required time. While you give these details, make sure that there is no discrepancy in the names written in the official records, the Adhaar or PAN card. Any problem there can lead to issues. Once you get the death certificate, ensure getting multiple copies of the same done because it is an extremely crucial document.
2. Find out the Will if there is one
Will the next most important part of the process. If your loved one is elderly and had any possessions, then perhaps they would have had a will. And you will be required to locate that. If the person had a lawyer, you may try to contact them to know about their will. And if a person doesn’t have a will, in that case, you will have to get the succession certificates. If there is no will or candidate, immovable property (such as real estate) is split among all legitimate heirs according to the faith or country’s rule.
3. Search for the financial documents
Locating financial documents can be one of the most stressful tasks. Basically, the four important sections under the financial documents can be – assets, liabilities, expenses, and income. To claim any of the finances, you will have to have a financial document supporting it. So, try to locate the financial documents. We know, it can be a bit more than a hustling task, but it is important.
4. Spot the dues and liabilities
Identifying the dues and liabilities is also a crucial step. Perhaps the person has gone, there are chances that they will still have some dues left. So, you will have to take care of that. Some payments can be automated, like that of online EMIs. Others can be debts or bills. So, you will have to take care of these liabilities after the demise.
5. Check for the insurances
If your parents would have had some insurances, then now you will have to claim them. These can be life insurance, health insurance etc.
6. Notify the Financial Institutes
After the demise, you will be required to inform the financial institutes about the same. This should include banks, insurance companies, members of the business institutions (if any) tax departments etc. This will be so that all the documentation on the deceased’s name can be transferred or closed as per the procedures.
7. Protect the identity of your parents
And finally, the most important step. Remove all the public identities of the deceased. This should include public profiles, social media accounts, etc.
Well, these are the legal and financial steps to take after you lose your loved ones in order to ensure the safety of your loved one’s identity after their death and to claim the possessions they have left for you.
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