Managing accounts and subscriptions after a loved one’s death can be overwhelming, but by taking it one step at a time and seeking the guidance of professionals, it can be accomplished!
Start by making a list of all known accounts, subscriptions, memberships, and services that the decedent had. This may include bank accounts, credit cards, utility services, insurance policies, online accounts, streaming services, and more. Identify which assets are estate assets, and which are not. This will help to clarify who is responsible for the closing or transferring of an account, subscription or service. You may need to provide a copy of the death certificate and your authority as the executor or administrator of the estate, or confirm you are a joint owner or beneficiary by proving your identity.
From there, you will contact banks, credit unions, and other financial institutions where the deceased person held accounts. Notify them of the death and inquire about the process for closing accounts or transferring funds. You will also want to review the list of subscriptions and memberships and cancel those that are no longer needed. This may include magazine subscriptions, gym memberships, streaming services, and other recurring payments.
You can also notify utility companies to close or transfer services and notify insurance providers to initiate any claims that the estate or named beneficiaries may be entitled to. Be sure to set up mail forwarding, and keep an eye out for accounts or services that you may not have known about. When in doubt, seek professional assistance so all the appropriate steps are taken.
If you have any questions about the topic discussed in this article, or any estate planning matter, please give us a call at Bononi & Company 724-832-2499.