Preparing for Death
We have the best, most advanced drugs, the latest in medical diagnostics and the advantages of biotechnology.
We will live longer, fuller lives than any generation. And when the battle ends and it is time to say goodbye, we will embrace death in a way that's also different from every other generation. More and more, we are also taking steps to Live for Today. Plan for Tomorrow.TM
If you are caring for someone with a life-threatening illness, you may consider taking the following steps to become more informed, better prepared and more aware of the personal choices you could make.
Get Organized
1. Gather and organize legal documents
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- /
- Durable
- Birth certificate
- Social security card
- Passport
- Marriage certificate(s)
- Divorce decree
- Titles to vehicles
- Titles to real estate
- Property deeds for cemetery plot(s)
- Tax returns for past three years
2. Gather and organize insurance policies
- Life / disability
- Health
- Homeowners / Auto
- Long Term Care
3. Gather and organize most recent financial statements
- Bank accounts
- Brokerage accounts
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- Credit reports
- Social security estimates
- Property tax bills
- Loan statements
- Credit card statements
Protect Your Wishes and Family
1. Update estate plan with current:
2. Complete The Survivor Assistance Journal:
This will allow you to document accurate information about your current financial holdings and assets state your personal wishes for your demise as well as leave practical information about your household that can be quickly and easily accessed by your survivors during a very difficult time. 3. Prearrange your funeral
4. Review Financial Strategies
- Financial budget
- Investment philosophy
- Retirement plan
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5. Determine who will be your trusted advisors
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- Financial advisor
- Accountant
- Attorney
- Insurance representative for property and casualty
Streamline Financial Transition
1. Consolidate bank accounts
Consolidate bank relationships and close unnecessary accounts with small balances. However, make sure you do not have more than $100,000 on deposit at any one bank. 2. Consolidate brokerage accounts
Create one main relationship with a financial advisor whom you have the most trust in. Make certain they are affiliated with an organization that is a member of SIPC and that your balance does not exceed that amount of insurance on the account. 3. Consider changing individual to jointly held accounts
Determine if they are in joint name or single name. If accounts are in single name of the person expected to die update registration to be either joint or in sole name of the expected survivor.
*All of these suggestions should be reviewed by your attorney and Certified Financial Planner to make certain that they do not contradict and estate planning techniques. 4. Consider placing utility accounts in your name
5. Change ownership on vehicles if necessary
- Obtain current owner's signature on VEHICLE TITLES.
6. NEW owner must go to DMV with:
- Application for Title, signed by new owner (MV-82TON in NYS)
- Statement of Transaction/Gift, signed by new owner (DTF-802 in NYS)
- New owners drivers license
- Insurance card in new owners name (must contact insurance company first)
- Plates
- Signed title
7. Deposit stock certificates
Make sure all your stocks are in your brokerage account. These would include stocks for which you actually hold the certificate for or stock that you have on deposit at a and receive statements on. 8. Set up direct deposit
Redirect any checks you receive at home so that they are directly deposited into your bank account 9. Begin to build your credit
Demonstrate your ability to repay bills by making payments on time – well before due date. 10. Open up one main credit card with Visa or MasterCard as well as one or two department store credit cards.
Only charge what you can afford to pay off in full. Making monthly installment payments on these cards could be costly as they usually carry high interest rates. Also, limiting the number of cards will help you avoid excessive credit inquiries which are frowned upon. 11. Open a bank saving account and use it as collateral for personal loan. Do this at two or three banks.
Demonstrate your capacity to pay back debt by keeping your account balances less than 50% of your available credit. 12. Carefully take opportunities to make large purchases with ‘six months same as cash' and keep equivalent amount set aside in your checking account to make certain all payments are made on time
13. Put utility bills in your name and pay on time
14. Review your credit reports periodically to check for inaccuracies, incomplete or outdated information.
- Keep track of your credit score.
15. If you ever run into a problem and can not make a payment on time, proactively contact the creditor and explain the situation.
16. Avoid identity theft
Takes steps to reduce the chances that you identity could be stolen.
- Create unique passwords and personal identification numbers (PINS)
- Destroy papers listing account numbers
- Protect internet user IDs and passwords
- Establish more than one email address – one personal another public
17. Order copies of your credit reports and close unnecessary accounts and report any mischievous activity |
