You also should be aware of the other procedures involved in estate settlement. Here’s a quick review of some of them. Your attorney, as well as other estate planning professionals, can provide more details.
When thinking about transferring your property, what probably first comes to mind are large assets, such as stock, real estate and business interests. But you also need to consider more basic assets:
Safe deposit box contents: In most states, the bank seals the box as soon as it learns of the death and opens it only in the presence of the estate’s personal representative.
Savings bonds: The surviving spouse can immediately cash in jointly owned E bonds. To cash in H and E bonds registered in the deceased’s name but payable on death to the surviving spouse, they must be sent to the Federal Reserve.
The surviving spouse or other beneficiaries may be eligible for any of the following:
Social Security benefits: For the surviving spouse to qualify, the deceased must have been age 60 or older or their children must be under age 16. Disabled spouses can usually collect at an earlier age. Surviving children can also get benefits.
Employee benefits: The deceased may have insurance, back pay, unused vacation pay, and pension funds the surviving spouse or beneficiaries are entitled to. The employer will have the specifics.
Insurance they may not know about: Many organizations provide life insurance as part of their membership fee. They should be able to provide information.
Let’s face it, when people think of life insurance, they usually don’t think of adrenaline pumping, heart-pounding, high-speed excitement. Well, that’s all about to change with the announcement that groundbreaking—and record breaking—racecar driver Danica Patrick will become the new national spokesperson for Life Insurance Awareness Month this coming September. … Continue reading Danica Patrick Becomes Spokesperson for National Life Insurance Awareness MonthRead More
All-Time High Life Insurance Policies The world record for the largest life insurance policy has just been broken. According to Guinness World Records, the previous all-time high for a policy was $201 million. That was until The Archer Financial Group sold policies worth $235 million and $295 million. The insurance … Continue reading Recording-Breaking Life Insurance PoliciesRead More
My apologies for the title of this post, but I wanted to get the attention of those of you who have procrastinated with getting a life insurance policy. Some of you know it’s something you need to do and “will get around to it someday,” while others have started the … Continue reading Letter to a (Dead) ProcrastinatorRead More