A Guide To Closing Your Loved One's Accounts After He/She Passes

There are so many things to think about when a loved one dies. One of those is closing accounts and cancelling subscriptions. Here's all you need to know about going through this process to make it as simple as possible.

Have All the Documents You Need

You'll need to have certain documents to prove death and that you can handle affairs. The death certificate will need to be sent to companies, but you'll also need to prove that you are the representative and provide your own ID for that.

If there wasn't an executor for the estate named, you'll need to go through probate and arrange a Letter of Administration. This will then be sent to companies to prove that you can arrange the closing of accounts.

Have a Record of All Accounts

Make a list of all accounts your loved one have. This will include all bank accounts and savings, any investment accounts, credit cards and loans, and any utility accounts. You'll also want a list of any subscription services your loved one signed up to. Cell phone contracts could be transferred to you or you can cancel them.

Look around the property for bills and details of accounts. Many will now be arranged online, so you will need access to email accounts. It's also worth checking for social media accounts and online subscriptions to make sure they are closed.

Make a paper list and cross each one off when you have closed them to avoid missing anything.

Clear Any Debts

If your loved one left debts, they will be passed onto the executor of the estate. You'll need to use money left in the will to clear these debts. Credit cards, for example, can't be closed without the balance being paid. You may be able to arrange for no interest being added on while you wait for insurance money or the estate money to be released to be able to clear the debts.

Most companies are willing to make payment arrangements and put things on hold if you call and explain the situation to them. They will, however, need the proof your loved one has passed to make these payment arrangements.

Don't Forget Prescriptions

This is one that is often forgotten about. Prescriptions that are automatically refilled need to be cancelled as soon as possible. The doctor's office will not necessarily get a letter about the loss of one of their patients, so you'll need to call and confirm. You'll also need to contact the pharmacy where the prescriptions were refilled.

As long as you take things one step at a time and create a detailed list of every account you need to close, you will get through it in one piece. Finding a trusted funeral home, such as Foster-Warne Funeral Home, can also help you with this process.