By Marc Manor
Most days for me as an insurance professional are very
satisfying. I meet new people and help
them get the most out of every healthcare dollar. These people have great stories and because
many of them are seniors, they have contributed so much to our American
experience; our elders are truly “the greatest generation”. I have always admired the work ethic and family
devotion I observe in many of the seniors I work with. Their stories are fascinating, and I love to
hear them tell of their life and times. It
saddens me greatly when one of our senior clients pass on; but it motivates me
even more to do more to make sure their families are cared for in accordance
with their wishes.
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When this happens, I sometimes get calls from the family
members trying to tie up loose ends with unpaid hospital bills and insurance
claims they don’t fully understand. I
can sense their despair and frustration when trying to gather information and
make countless phone calls as they try to piece together all their loved one’s
affairs. I help them as much as possible,
but it never feels like enough.
Our mortality is usually not a topic for a pleasant family
dinner, but it should be discussed and planned to avoid the pain and
frustration associated with the passing of a loved one. Proper planning and good communication can
make a huge difference in how a family grieve then move on with their
lives. While it is important to keep all
our documents such as life insurance, wills, trusts, and valuables in a safe
place, it is just as important to let people we love know where the most
important documents are kept and how to manage them when the time comes.
Here are some things to organize:
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Identification.
Social Security cards, marriage and birth certificates may be needed to
verify identity of the one who has passed.
Immediate family members may also have to produce some identification to
receive benefits or otherwise establish their relationship with the deceased. Thieves
often target the deceased for identity theft.
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Insurance Policies. Contact all life insurance carriers. Many people have more than one, so a list of
active policies should be maintained along with the policies themselves. Be sure to include accidental death and other
supplemental insurance plans that may have death benefits.
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Wills and trusts. The saying goes: “if you don’t have a will,
no problem, the state has one for you!”.
This statement emphasizes the importance of these documents. Probate can be a long and winding road. The larger the family, the more complex
sorting things out can be. Wills and/or
trusts are something many people do not have.
Can’t emphasize the importance of these documents too much!
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Veterans are entitled to burial benefits through
the Veterans Administration (VA).
Veterans are issued a form DD-214 upon discharge. This document is necessary for many matters
related to a number of other veteran’s benefits including some for spouses of
military veterans. VA disability claim
numbers and other correspondence related to the VA should also be in a secure
place which loved ones can access if necessary.
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Tax documents may be required to close out an
estate. Professional assistance from a
CPA or other tax professional may be required to settle things with the
Internal Revenue Service (IRS).
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If an identity theft plan is in effect, it is
recommended to leave that in place for about a year after to monitor. Identity theft of the deceased may complicate
or delay probate and other matters if not detected and/or reported.
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Other important documents such as deeds to
property, titles to automobiles, stock certificates, and loan contracts will go
a long way in helping those left behind with closing out an estate.
There are countless resources on the internet with
checklists and advice on how to handle the loss of a loved one. The point I am making with this blog is that
these strategies have to be understood by the ones left behind. The effort and frustration from those left
behind can be greatly minimized if the required documents are available, accessible, and most of all, understood. Death is an uncomfortable
topic but since it is inevitable, so to should be that important conversation
with loved ones; sooner rather than later.
There will always be grief and sadness upon the loss of a loved one but
with proper planning what is left behind can result in calm instead of chaos.
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Marc Manor is a 30-year military veteran who is now dedicated to teaching his fellow
Americans how to make the most of their Medicare and healthcare benefits.
As an independent agent, Marc has access to a wide variety of carriers with an
abundance of resources to find tailored solutions. There is no charge for
a consultation so call 904-222-0698 or visit www.manormedisource.com today to
stay on course with Medicare and healthcare education and insurance solutions.
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