Citi Personal Wealth Management
With death comes grief and, as a result, it is easy to make mistakes and miss crucial details after the loss of a loved one. Here are some key items to keep in mind when it comes to death and finances.
Maybe you know the deceased's wishes or maybe this will mark the beginning of the paper chase. You might find funeral instructions in the deceased's will or letter of last instructions, or you may have to canvass family members to find out if anybody knows the deceased's wishes. When arranging the funeral, consider asking the funeral home for at least 10 certified copies of the death certificate, and possibly more if the deceased's financial situation was complex. These death certificates will come in handy as you settle the estate.
With the funeral arranged, a slew of other questions will arise. Is there a will? Is there a safe deposit box? What investments and bank accounts exist? Who is the insurance agent and what policies exist? Was the person receiving payments from Social Security, an employer's pension, the Veterans Administration or a reverse mortgage?
If a letter of last instructions was written before the person died, that will help. It should include a list of bank accounts, insurance policies, investments, real estate, mortgages and other debts. It should also give the location of important papers such as the will and any trust documents, as well as the names and phone numbers of an attorney, tax specialist, insurance agent and financial advisor.
If there is no letter of last instructions or other guide to the deceased's estate, you may have to search through drawers and filing cabinets, watch the mail, pore over old tax returns and, if you can get access, dig through any safe deposit box contents. If you find a will or a trust, it should name an executor or a successor trustee, the person who will do most of the heavy lifting from here.
Are you in charge of settling the estate? Your goal is to wind down the deceased's financial affairs, figure out what he or she owns and what these assets are worth, pay off all debts and taxes, and then distribute any money that's left over to the appropriate heirs. To that end, here's a list of people you may need to contact:
Citi). Not all products and services are provided by all affiliates or are available at all locations. CPB personnel are not research analysts, and the information in this Communication is not intended to constitute
research,as that term is defined by applicable regulations. to footnote reference 1
Get ideas on how much you should set aside for a financial emergency and sources of funds to tap into.
To improve financial aid eligibility for your child, consider these four points.
As you tackle the financial issues that come with marriage, here are some initial steps you may want to take.
The above content is for informational purposes only and contains a summary of the topic and is not intended to be a comprehensive discussion, including any legal or tax ramifications of the strategies or concepts described herein. These strategies are not guaranteed to succeed or indicate future performance, and they do not necessarily represent the experience of other clients.
This is not an offer to buy or sell any of the securities, insurance products, investments, or other products named.
This material is derived from sources believed to be reliable, but accuracy and completeness are not guaranteed.
Please note that by visiting the URLs or hyperlinks referenced, you will enter another website created, operated and maintained by a different entity.
Citigroupand its affiliates do not provide tax or legal advice. To the extent that this material or any attachment concerns tax matters, it is not intended to be used and cannot be used by a taxpayer for the purpose of avoiding penalties that may be imposed by law. Any such taxpayer should seek advice based on the taxpayer's particular circumstances from an independent tax advisor.
Citi Personal Wealth Management is a business of Citigroup
CGMI), member . Citigroup Life Agency (
) offers insurance products. In California, does business as Citigroup Life Insurance Agency, (license number 0G56746). Citibank, CGMI, and are affiliated companies under the common control of Citigroup
© Citigroup August, 2019Citi, Citi and Arc Design and other marks used herein are service marks of Citigroup Inc. or its affiliates, used and registered throughout the world.