Hello everyone, Kevin Lynch here from Westminster Wealth Management.
Today, I want to touch on a topic that, unfortunately, many of us will face at some point: what happens immediately after a spouse or loved one passes away. Here in 2025, we've walked alongside several clients through this difficult time, and one thing is consistently clear – it’s overwhelming. Amidst the grief, there's suddenly a list of practical, often unfamiliar tasks that need attention. People often don't know where to start, what order to do things in, or even what needs to be done at all.
Having personally served as the executor for three different family estates—my mom's and two uncles'—I can speak from experience. It’s a significant responsibility, and while every situation is unique, there's a general roadmap that can help provide some clarity during a foggy time. So, what I thought I'd do is break this down into a few digestible pieces, starting with the immediate responsibilities, roughly covering the first few weeks. Think of this as Estate Settlement 101. (Stay tuned for Estate Settlement 201 & 301!!)
Week 1: Securing the Foundation
The first week is often a blur of emotion and immediate logistics. The primary goals right now are to secure the physical aspects of the estate and get the initial legal and personal wheels turning.
Locate the Original Will and Trust Documents: This is paramount. You need the original will, not a copy. Sometimes these are in a safe deposit box, a home safe, or filed with an attorney. If there’s a trust, you’ll need that original document too. These papers are the blueprint for everything that follows. Without them, you're navigating without a map.
Obtain Death Certificates: You'll need more copies than you think. The funeral home can help you order these. Generally, I recommend getting at least 8 to 10 certified copies. Financial institutions, insurance companies, government agencies – they'll all require an official copy (not a photocopy) to process anything. Some may need a "long form" certificate which includes cause of death, while others just need the standard "short form." It's better to have a few extra than to keep reordering.
Secure Tangible Assets: If your loved one lived alone, it's crucial to secure their home immediately. Lock doors and windows, maybe change the locks if necessary. Also, secure any vehicles – make sure you know where the keys and titles are. Gather any obvious valuables (jewelry, collections) and important documents (passports, social security cards, existing bank statements) and keep them in a safe place. This isn't about dividing things up yet; it's about safeguarding the estate's property.
Notify Close Family and Beneficiaries: This might seem obvious, but make sure immediate family members and anyone named as a primary beneficiary in the will are formally notified of the passing.
Arrange and Pay for Funeral/Memorial Services: This often happens very quickly. Hopefully, your loved one had pre-arranged plans or funds set aside. If not, these costs typically come out of the estate eventually, but you might need access to funds upfront. This is one reason why, sometimes, having a trusted family member (like the named executor) as a joint owner or authorized signer on a specific checking account can be helpful for immediate expenses before the formal estate account is established. But tread carefully here and ideally consult with an attorney before making significant withdrawals.
Start Your Logbook (This is Crucial!): Get a simple spiral notebook or start a digital log. Every single phone call you make regarding the estate, every email, every piece of mail you send or receive – log it. Note the date, time, the company or agency, the person you spoke with, and the gist of the conversation or action taken. Track every penny you spend out-of-pocket for the estate (like paying for death certificates). Why? Because settling an estate is like a complex project management task. You'll talk to dozens of people, and things can fall through the cracks. This log becomes your central record, your proof of action, and your way to keep everything straight. It's invaluable when communicating with beneficiaries and potentially the court later on. Trust me on this one.
Weeks 2-3: Establishing Legal Authority and Broadening Notifications
Once the immediate services are concluded, the focus shifts to formally establishing your role as executor (or personal representative) and notifying relevant institutions.
File the Will with Probate Court: This is usually the first formal legal step. The process of "probate" is essentially the court validating the will and officially appointing the executor named within it. An attorney specializing in estates can guide you through this, as the process varies by state and county. Sometimes, if assets are structured correctly (e.g., all in a trust or with named beneficiaries), formal probate might be simplified or even avoided, but you often need legal guidance to confirm that.
Apply for Letters Testamentary: Once the will is accepted by the probate court, the court issues a document often called "Letters Testamentary" (or sometimes "Letters of Administration" if there's no will or a different person is appointed). This document is your official proof that you have the legal authority to act on behalf of the estate. Without it, banks, investment firms, and others won't talk to you or allow you to manage the deceased's accounts.
Apply for an Estate EIN: Think of this as a Social Security number for the estate. You'll apply for an Employer Identification Number (EIN) from the IRS specifically for the estate. You'll need this number for tax purposes and to open the estate's bank account. Your attorney or CPA can usually handle this application quickly online.
Open the Estate Bank Account: With the Letters Testamentary and the EIN in hand, you can now go to a bank and open a checking account specifically titled in the name of the estate (e.g., "The Estate of John Doe, Jane Doe Executor"). This account is critical. Going forward, all of the deceased's liquid assets (checking, savings, investment account proceeds, etc.) should be consolidated into this account, and all estate bills and eventual distributions should be paid from this account. Do not co-mingle estate funds with your personal funds.
Redirect Mail: If you haven't already, formally file a change of address with the U.S. Postal Service to have the deceased's mail forwarded to you. This ensures you receive important bills, statements, and potential notifications about unknown assets or debts.
Notify Government Agencies: Formally notify the Social Security Administration. If the deceased was receiving benefits, payments need to stop. If there's a surviving spouse, they should inquire about potential survivor benefits. Also, notify Medicare. If applicable, contact the Department of Veterans Affairs.
Notify Financial Institutions: Start contacting banks, credit unions, brokerage firms, pension administrators, and life insurance companies where the deceased had accounts or policies. Your financial advisor can be a huge help here, as they often have relationships and know the processes. You'll typically need to provide a death certificate and your Letters Testamentary.
Address Utilities, Credit Cards, Subscriptions: Start the process of closing credit card accounts. You might keep essential utilities (water, electric, gas) active for the home until it's sold or transferred, but ensure the bills are being sent to you and paid from the estate account. Cancel non-essential subscriptions (magazines, streaming services, club memberships).
Whew! That sounds like a lot, and it is. But remember, you don't have to do it all in one day. Take it step by step. Keep detailed records. And don't be afraid to ask for help, whether it's from family, friends, or professionals like an estate attorney, CPA, or your financial advisor. Getting these initial steps right sets a solid foundation for the tasks ahead, which we'll cover in our next installment, Estate Settlement 201.
Disclaimer: This blog post is for informational and educational purposes only and does not constitute legal, tax, or investment advice. Consult with qualified professionals for advice specific to your situation. Kevin Lynch Sr. and Westminster Wealth Management are not attorneys or tax advisors.