When you leave this earth, your worldly possessions will stay behind. As in the famous 1930's play, you can't take it with you. However, the value of your home, savings and other assets do live on, in a sense. You can bestow them upon your loved ones or a worthy cause.
When faced with the death of a family member or loved one, dealing with practical matters after death during a period of intense grief can seem overwhelming. Nonetheless, as Ben Franklin said “In this world nothing can be said to be certain, except death and taxes”. Sadly even death does not excuse a person from a final reckoning with the taxman and paying final income and estate taxes is part of finalizing an estate.
Have you ever read about someone who left their entire estate to their cat and thought, “I could see doing that?” It’s not a sign that you have lost it, not at all. Many pet owners want to be sure that their pets are properly taken care of when they are gone. Peace of mind the most important part of any estate planning, and we all want to be sure that our loved ones are cared for.
Aside from the sadness and the stress from dealing with the loss of your loved one, there can be frustrations when trying to sort out their financial situation. Here are five things you should do to get your loved one’s finances in order.