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Cliff Notes: Information for Beneficiaries · Earn Your Leisure

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  Speaker 1: There's nothing more satisfying than finding the perfect green paint
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  Speaker 1: Price varies by shame.
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  Speaker 2: Why do you want to notify the government?
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  Speaker 3: Because if someone was receiving something like social Security payments
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  Speaker 3: or annuity payments, and those things continue to come into
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  Speaker 3: the account, and say, you know, after you go through
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  Speaker 3: the court system whatever, and you get access to the account,
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  Speaker 3: and you know they're going to find out. They're going
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  Speaker 3: to catch up and realize this person died at this
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  Speaker 3: time and those funds will have to be paid back,
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  Speaker 3: so that social Security annuity payments, retirement payment and stimulus payments,
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  Speaker 3: so people had to pay back, you know, stimulus money
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  Speaker 3: if you continue to collect that, because they may not
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  Speaker 3: find out right away, but they will find out and
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  Speaker 3: it will have to be paid back if someone you
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  Speaker 3: know cashed it or took that money or used that money.
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  Speaker 3: So those are the things that you want to do.
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  Speaker 3: Then finally, insurance, if you can get a hold of
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  Speaker 3: the insurance policies on that the person had. All you
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  Speaker 3: need is really a death certificate and ID if you
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  Speaker 3: are the beneficiary, and you'll be able to, you know,
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  Speaker 3: fill out whatever paperwork the insurance company sends you. Hand
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  Speaker 3: in that death certificate and they literally will just cut
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  Speaker 3: you a check.
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  Speaker 2: That's how easy it is. So hopefully it's a legit
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  Speaker 2: insurance company.
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  Speaker 3: The insurance company is still in place, and they will
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  Speaker 3: you know, cut a check. And that's usually important if
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  Speaker 3: you need to.
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  Speaker 2: Pay for burial and things like that.
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  Speaker 3: Sometimes families are relying on that, so you want to
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  Speaker 3: make sure that you do that. And some other things
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  Speaker 3: like if someone owns a home, you don't want the
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  Speaker 3: homeowner's insurance to lapse on the property, so you want
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  Speaker 3: to make sure that you update that information. You want
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  Speaker 3: to let the insurance company know that they pass away
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  Speaker 3: and that you know you're in the process of you know,
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  Speaker 3: taking over the estate or getting a hold of the estate,
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  Speaker 3: so that they don't you know, stop that insurance. And
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  Speaker 3: typically if there's a mortgage, they'll continue to the mortgage company.
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  Speaker 3: You will continue to pay it because they want that
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  Speaker 3: insurance to be on the property because they have their lean.
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  Speaker 3: But if not, if there isn't a mortgage, you definitely
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  Speaker 3: want to make sure that insurance is continued. All right,
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  Speaker 3: So what are sort of the next steps? So then
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  Speaker 3: you're going to go through the mail, right Obviously you're
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  Speaker 3: going to look for bank accounts because bank statements will
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  Speaker 3: tell you a lot of what's going on in that
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  Speaker 3: person's life.
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  Speaker 2: So you'll know, you.
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  Speaker 3: Know what they what bills they're paying, you'll know what
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  Speaker 3: money is coming into the account.
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  Speaker 2: And so you could start to sort.
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  Speaker 3: Of create a map or a listing of like where
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  Speaker 3: are their assets?
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  Speaker 2: Where can we find these assets?
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  Speaker 3: So, like finding a bank statement is golden if they
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  Speaker 3: I know, a lot of times everybody does things like electronically,
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  Speaker 3: what do you want to make statements come into their
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  Speaker 3: house anymore?
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  Speaker 2: So email is going to be golden.
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  Speaker 3: It'll be really hard to get that password if you know,
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  Speaker 3: if you don't know anybody who actually knows it. So
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  Speaker 3: this is another piece of information that's important to sort
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  Speaker 3: of share or have a list somewhere where someone can
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  Speaker 3: get access to this information, because then it'll make it
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  Speaker 3: so much easier for people. But anyways, if you are
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  Speaker 3: going through the mail, you find bank statements, you find
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  Speaker 3: you may be able to find insurance because insurance companies
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  Speaker 3: don't send mail every single month, but you might be
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  Speaker 3: able to find that. If you can find employer information,
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  Speaker 3: that would be great because the company who will likely
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  Speaker 3: know at least what retirement they have, what you know
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  Speaker 3: insurance they might have, that will be helpful for the
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  Speaker 3: family to sort of use or give you a start
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  Speaker 3: for that. So this is kind of like what the
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  Speaker 3: real deal is how it actually goes down when when
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  Speaker 3: there's no information, and then if you if there's a phone,
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  Speaker 3: you can actually go through the phone. So I had
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  Speaker 3: really found out recently that Apple has this new legacy
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  Speaker 3: contact within the phone.
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  Speaker 2: So if your Apple.
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  Speaker 3: User, sorry Android, but I mean I'm sure they'll catch
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  Speaker 3: up with something soon.
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  Speaker 2: If you go to.
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  Speaker 3: Your Apple ID and go to passwords and security and
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  Speaker 3: you scroll all the way to the bottom, there's a
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  Speaker 3: legacy contact so you can actually put your loved one.
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  Speaker 3: And so whoever you want, like I put my husband
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  Speaker 3: and my daughter as my legacy contact, and it allows
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  Speaker 3: you to send them a QR code. So with that
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  Speaker 3: QR code and a depth certificate so they can't just
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  Speaker 3: get into your phone. Also with that QR code and
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  Speaker 3: death certificate, they will be able to get access to
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  Speaker 3: your information. So they'll get your phone, they'll get your
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  Speaker 3: your photos, you know all that stuff. There's like a
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  Speaker 3: few things they don't get, but important stuff they will get.
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  Speaker 3: So you can kind of leave information in there in
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  Speaker 3: your phone to allow someone to get that information and
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  Speaker 3: vice versa. You could talk to your spouse and your
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  Speaker 3: loved one with your parents and stuff like that and
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  Speaker 3: set that up so that you'll be able to sort
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  Speaker 3: of get information when you need it.
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  Speaker 2: And it's good because you can't get it now, but
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  Speaker 2: you'll get it when you need it. Right. The other
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  Speaker 2: thing you.
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  Speaker 3: Want to do is find deeds, if you can find
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  Speaker 3: any deeds to property so you kind of know what exists.
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  Speaker 3: And typically a deed will always like have some language
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  Speaker 3: at the very top that identifies it as a deed,
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  Speaker 3: and that way you'll know because every different states it
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  Speaker 3: looks different, and that way you'll know what it is
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  Speaker 3: and you'll be able to you know, start to collect
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  Speaker 3: that information. So you're sort of collecting information so that
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  Speaker 3: you kind of know what the state is and you
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  Speaker 3: know what to do with that. Next, you want to
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  Speaker 3: cancel what's not needed, right, so you don't want bills
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  Speaker 3: to continue to pile up up. So if there's something
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  Speaker 3: like you know, obviously Netflix or cable or if anybody
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  Speaker 3: still has cable or subscriptions, you know, you just want
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  Speaker 3: to minimize that ongoing debt. Whatever it is that's not needed,
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  Speaker 3: you could just go ahead and cancel that, and then
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  Speaker 3: you may want to talk to an a state attorney.
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  Speaker 3: So it depends on how large asset is, how much
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  Speaker 3: time you have or the or anybody or the person
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  Speaker 3: has on their hands to actually deal with this, and
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  Speaker 3: a state attorney basically will help you through this process
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  Speaker 3: and will follow all the necessary paperwork in court to
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  Speaker 3: help get the a state handed over. Now, this is
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  Speaker 3: if you if the person passed away without a will
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  Speaker 3: or with only a will, because wills also do have
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  Speaker 3: to go through the court system, which if you probably
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  Speaker 3: you may have heard me say that before.
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  Speaker 2: So that's the next step.
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  Speaker 3: So once a court case is open, you know what
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  Speaker 3: happens is paperwork has to be filed. All the information
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  Speaker 3: that I'm like telling you now need to be gathered.
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  Speaker 3: Paperwork has to be fouled. Typically we need to know
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  Speaker 3: how large the estate is because that's going to depend
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  Speaker 3: on how the paperwork is going to be abould And
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  Speaker 3: then once all that stuff happens, I won't bore you
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  Speaker 3: with all those steps, but you get what's called letters.
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  Speaker 3: So it's either going to be letters testamentary if there
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  Speaker 3: was a will, or letters of administration if there was
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  Speaker 3: no will, and then that person who is appointed will
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  Speaker 3: be able to now go set up the estate. So
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  Speaker 3: what is setting up the estate? So you would have
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  Speaker 3: to get an EI in number for the estate. You
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  Speaker 3: would have to open up a bank account so that
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  Speaker 3: whatever accounts that the person had or whatever cash, et cetera,
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  Speaker 3: that could be then transferred to that account and you can,
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  Speaker 3: you know, handle whatever needs to be handled from there.
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  Speaker 3: And then the next thing you want to do is
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  Speaker 3: potentially close accounts. But you don't want to close accounts
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  Speaker 3: too early because you want to make sure you can
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  Speaker 3: get as much information from those bank accounts as possible. So,
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  Speaker 3: like I said, any deposits, any withdrawals, things like that,
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  Speaker 3: will be helpful. And then it's like if like certain
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  Speaker 3: payments are coming in that would pay for the mortgage
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  Speaker 3: and things like that, maybe you don't want to stop those.
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  Speaker 2: It depends on what it is.
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  Speaker 3: Like I said, if it's from the government, you probably
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  Speaker 3: have to stop them, but if not, then maybe you
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  Speaker 3: want that to continue. And then you know, set up
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  Speaker 3: the estate, access the accounts to be able to get
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  Speaker 3: all the assets out.
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  Speaker 2: So now, one thing I wanted to point out.
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  Speaker 3: I don't know if a lot of people still have
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  Speaker 3: safe deposit box these days or if not, But if
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  Speaker 3: there is a safe safe deposit box, you can only
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  Speaker 3: access it to.
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  Speaker 2: Get the will.
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  Speaker 3: And then if you once you have the will, then
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  Speaker 3: you have to wait for the whole estate to be
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  Speaker 3: you know, you have to wait for these letters to
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  Speaker 3: be issued and then you will have access to whatever
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  Speaker 3: else is in that safe the positive box.
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