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one of the most important tasks you now face is the
disposition of a loved one's estate. Whether or not
the deceased had a will can make a greater difference
in the time and effort involved in the proper disposition.
It is suggested that you obtain legal advice on the
array of different matters such as the disbursement
or conversion of assets, changing of property deeds
and titles, the disposition of bank accounts, stocks
and bonds, and the disposition of business assets.
If you do not have an attorney, now is a good time
to find one. The best methods of finding an attorney
are through friends and relatives, or by calling your
local bar association.
If your loved one had a will, it will need to be probated.
Probate is the legal procedure for the orderly distribution
of estates. In most cases, probating a will is a simple
process. Only in the instances where the will is being
contested or the deceased had numerous holdings will
the action be more complex. There is usually a specific
time within which a will must be probated, so it is
important to check carefully.
If there is no will, the estate will be disposed of
according to the state laws governing descent and distribution.
Preparation and or review of your own will is also
an important consideration at this time. It is the best
way to assure that your estate is handled according
to your desires.
Please email info@griffin-roughton.com
and we will provide you with contact information for
county and federal offices you may need to contact to
settle the estate.
Life Insurance Information
Traditionally, life insurance companies require only
two forms to establish proof for a claim; (1) a statement
of claim, and (2) a certified copy of a death certificate.
Please remember that this is a general statement. Your
insurance companies reserve the right to request further
information or proof that they deem necessary.
When filing a claim form, you should have available
the following information:
1. The policy number(s) and the face amount.
2. The full name and address of the deceased.
3. His or Her occupation and the last date worked.
4. His or her date and place of birth and the source
of the birth information.
5. Date, place, and cause of death.
6. Claimant's name, age, address, Social Security Number,
and date of birth.
Financial and Credit Obligations
You will want to gather all the bills together and
make sure you are aware of all the credit obligations
of the deceased. Many installment loans, service contracts,
and credit cards accounts are covered by credit life
insurance, which pays off the account balance in the
event of the death of a customer.
You should contact any financial institution where
the deceased had a loan, and inform them of the death.
They will be able to inform you if the loan was covered
by credit life, and what needs to be done to file the
appropriate claim. A certified copy of the death certificate
is often required to file a claim.
You will also want to contact credit card companies
to notify them of the death. If the card is jointly
held, find out what documentation is required to change
cards into the survivor's name. Ask the credit bureau
to assist you in transferring your loved one's credit
into your name. They may be able to assist you in determining
any outstanding obligations of the deceased.
Make a prompt request for the release from each bank
in which the deceased and you held a joint account.
This is necessary before you can withdraw funds from
that account. A bank will usually stop payment on all
checks as soon as a death notice is published. The bank
must also have the account cleared by the state tax
authorities.
Living Will Information
Today there are more issues than ever before regarding
"death with dignity" or "the right to
die." Advances in medical and scientific techniques
have found ways to keep people alive by way of machines.
As a result, more and more people are concerned with
issues regarding the "quality of life."
On June 25, 1990, the Supreme Court ruled in the Nancy
Cruzan case that Americans do have the constitutional
"right to die," and indicated that a Living
Will or Durable Power of Attorney may be the best way
to protect that right. Issues concerning measures to
sustain life and the quality of life are very personal,
and it is recommended that you discuss these issues
with your family.
Today most states have Living Will statutes, specifying
documents, which anyone can copy, and sign according
to state law.
You may obtain additional information in regard to
your state, or about this issue, by contacting us at
info@griffin-roughton.com.
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