Unfortunately, most people go through financial difficulties at one time or another. Being prepared and aware of your financial options can make getting through these times easier financially, as well as emotionally. At Midland Credit Union, we’ve put together some useful information to help you through the difficult times so you can get back on your feet.
After a family member passes on, finances are probably the last thing you want to think about. Just know there are a number of decisions to be made by the survivors concerning the estate, and Midland Credit Union is here to help you through that process – whether or not the accounts are with us. However, preparing for the inevitable is always the best course of action.
Financial Planning for Survivors
After a loved one passes on, there are a number of issues to be resolved. If the deceased was a key provider, you may be worried about how the loss of income will affect you and your family. Some key things to consider before this event are:
- Life Insurance: Is there a policy? If so, where was it purchased and who are the beneficiaries?
- Savings Accounts: Account owners can name joint members on the account and/or name beneficiaries for the funds in case of death. Be certain you have accounts setup adequately.
- Investments: It can be very difficult to determine where investments have been made and who the beneficiaries are. Creating a list of investments and where they’re held (including mutual funds, Share Certificates, IRAs, etc.) is vitally important. It’s equally important to share that list with a trusted loved one – specifically if that person is named as the beneficiary.
- Property & Other Assets: If the deceased holds property or other assets and no beneficiaries are named, these assets may simply become part of the estate.
- Loans: If someone other than the deceased is named as a joint borrower on a loan, and a credit life policy was not purchased to cover payments in the event of death, the joint borrower will still be responsible for those payments.