Unexpected events happen; they are usually difficult, and we are usually unprepared for them. We even avoid thinking about them; however, if we foresee them, we can survive them easily.
When facing situations like these, it is important to act fast, and search for solutions to keep control of your finances.   

Loss of a loved one

Loosing a loved one is never easy, we face a complicated emotional situation, and sometimes we still have to take care of pending matters, like liquidating their assets. In this section we give a few advices to make this task a little more bearable:

Step 1: Ask for help
These situations are complicated and you may not be familiar with what must be done. Maybe you were nominated to be the administrator or executor of a will, and you don’t really know what that implies; if that’s the case, seek the advice from a specialist, depending on what is required (an attorney, accountant, financial planner, or tax specialist).
Usually, specialists’ fees are expensive; to reduce costs, we recommend several options: compare prices, negotiate a quote in writing, with clear explanation of services covered by the quote. 

Step 2: Gather documents
You will need to gather all documents and keep records of the process you are completing. Do this as soon as possible, and don’t discard any document, you might need it later. For instance, an insurance policy might still be active. The following is a list of documents you might need: 

• Birth, marriage and death certificates
• Deeds and registrations of the deceased’s real estate and vehicles
• Divorce papers (if applicable)
• Passport and ID numbers
• Past income taxes
• Insurance policies
• Bank information
• Bank statements
• Credit card statements
• Stock titles

Step 3: Obtain legal certificates
If you need to make a claim or take other legal actions, you will need birth and marriage certificates, divorce papers and the certificate of death. In most cases, copies may not be accepted, so make certified copies.

Step 4: Entities you need to contact

1.    If there is a Will and Testament 
If you were nominated as the executor, the first thing you need to do is to start the proceedings with the Probate Court. The heritage assets need to be assured and listed on an inventory. This process is necessary for the administration, as well as paying any outstanding debt, and finally submitting a report to the beneficiaries and to the judge. Even if you are not the nominated executor of a will, you can present the will to the judge, nominating the executor and beneficiaries and start the division of assets according to the conditions set by the deceased.

2.    If there isn’t a Will and Testament
What should be done if the deceased didn’t leave a will? In this case you should start the probation proceedings with the Probation Court, mention what are believed to be the assets and beneficiaries (spouse, kids, parents, etc), in accordance with what the Civil Code of Law reads for the rules of succession, like if the first line of succession excludes an inferior line, and so on. An executor will be nominated among the possible beneficiaries; he/she will provide the court with an inventory of the estate and will administrate it, submitting reports to the judge and to the beneficiaries. The final distribution of assets in this case is finalized by the judge. 

Institutions you should contact: 

• Life insurance company: Learn if the deceased had a life insurance policy, if so, set up a claim to collect benefits. You should contact the claim department to learn the proceedings to prepare the claim; you will probably need to submit a form filled with the deceased’s information and supporting documents. 
• Deceased’s Employer: You should also contact the deceased’s employer to check on insurances, pension funds, accumulated vacations to be paid, etc. Pay extra attention to health insurances, sometimes the spouse and kids might still qualify for benefits, even after the insured’s death.
• Credit card companies: Call the costumer service number and check if the deceased had purchased life insurance for the credit, the deceased’s debt could be paid off by it.
• Banks: If you had joint bank accounts, you will need to request that the deceased’s name is withdrawn of the account, so you could still use it. Banks usually stop payments as soon as they receive death notices, it is very important that you call the bank and make sure they received it.
• Public services: You must contact public services like power, water, telephone, and other companies. Contact any other services the deceased have contracted to get information on how to transfer services to someone else, if they allow it.

Step 5: Taxes
Property Taxes: Property taxes must be paid. Contact the correspondent county to follow the procedure. After a property is transferred, the new owner is responsible for property taxes.