Podcast: Play in new window | Download

Subscribe: Apple Podcasts | Android | RSS

In this episode, we ask:

• Who needs to hear this?
• Would you like a FREE book? Email us at hello@nyafinancialpodcast.com.
• What about unclaimed life insurance funds?
• What about going into “full detective mode”?
• How might you search?
• What about the deceased’s own paperwork?
• What about the deceased’s recent tax returns?
• What about the deceased’s transaction history?
• Are you the named beneficiary?
• Can you call the insurance company to find out if you are a beneficiary?
• What about the National Association of Insurance Commissioner’s (NAIC) life insurance policy locator service tool?
• What about an example?
• Is there a contingent beneficiary?
• What happens if no beneficiary can be found?
• What happens if the death benefit goes to the deceased’s estate?
• Does the federal government have a website for this?
• Can you find it on your own?
• What about the unclaimed property office?
• What happens if you move to another state?
• What about unclaimed wages?
• What about VA benefits?
• What about unclaimed insurance funds?
• What about the IRS and the federal tax refund?
• What about the state tax refund?
• What about treasuryhunt.gov for savings bonds?
• What about SEC claims on stocks and brokerage funds?
• What about contacting the brokerage fund directly to find an account left in your name?
• What can you do to broach the topic?
• When would be a good time to have a 30-minute conversation?
• How could this be a positive experience for everyone?
• Do you know about your parent’s life insurance policy or policies?
• Do they have medical care benefits on these policies?
• What if the worst has just happened?
• Would you like to have the Survivor’s Checklist?
• What needs to be done?
• What do you need to do in the first few days?
• What about the certified death certificate copies?
• What about the deceased’s files and safety deposit boxes?
• Is burial insurance or final expense insurance in place?
• Has your loved one selected a cemetery location or plot in advance?
• What about contacting the funeral home?
• Should you assign the death benefit to the funeral home?
• Should the death benefit get paid directly to you?
• Should the death benefit be paid as a lump sum or as ongoing payments?
• What should you do within the first week of someone’s passing?
• What about the Social Security Administration?
• What about Veteran’s Affairs?
• What about the Department of Health Services (if they were receiving Medicaid)?
• What about the insurance companies?
• Do you need to contact the life insurer?
• Do you need to contact the medical insurer?
• Do you need to contact the disability insurer?
• Do you need to contact the homeowners insurer?
• Do you need to contact the auto insurer?
• How long does it take for a life insurance death benefit to be paid out?
• What do you do with the certified death certificate?
• What about the liquidity of the life insurance company?
• What happens with lump sums at a bank?
• Who can easily withdraw $1M from a bank account? Are banks liquid?
• How many days does it take to get a large withdrawal from the bank?
• Are bankers allowed to ask you questions about why you want your own deposits back?
• What about unused life insurance premium?
• What about the retirement account plans (401(k), IRAs, Pensions, and other benefits still due to them)?
• What about cancelling recurring bills?
• What about closing down online and social media accounts?
• What about establishing an I Love You folder with passwords?
• What about bank accounts and online accounts?
• What about the probate process?
• Does your loved one have a will or trust (who is the trustee?)?
• What about issuing bond?
• What about notifying creditors that your loved one has passed?
• What about taking an inventory of all assets and liabilities?
• What about asking the court for a final distribution of the estate to be paid out to beneficiaries?
• What if the loved one had a small or no estate?
• Is there agreement among surviving relatives?
• How can you collaborate with relatives in a constructive way?
• What about the overwhelm?
• What about the grief?
• How might you love your family to make this process so much easier?
• What is an I Love You folder?
• What are the documents you should leave?
  • What about the sources of all of your income?
  • Where are your assets held? (401(k)s, IRAs, Pensions, Social Security, Medicare, Life Insurance premiums, etc.)
    • Company
    • Account Numbers
    • Listed Beneficiaries
    • Bank accounts and numbers
    • Phone numbers or addresses of companies
  • What online accounts, social media accounts and other usernames and passwords will your loved ones need to access upon your death?
  • What do you want your funeral to be like exactly?
  • What items do you want to leave to specific people?
  • What would you write in a letter to your closest loved ones? (Would you like a hand writing this letter? Hop on our calendar and select a time.)
• What can you do this week to make sure your family is better off?