Death is never an easy subject to talk about, yet one needs to be prepared.
It is always good to prepare your estate ready for execution so that if the inevitable should happen, your loved ones can sort out your finances with ease.
If you do not have anyone you can appoint, you can hire an executor, which can be your solicitor.
Listen to this Podcast from a New York Lawyer who explains in Laymans Terms, how to sort out your Last will and Testament.
You need to be a patient and the Lawyer will start talking after the intro which is appoximately aorund 04.28 minutes into the recording, you can fast forward to this point.
Get into the habit of backing up usernames and passwords on a regular basis on paper, also write down which companies need to be notified and make sure to update your account data and their contact details.
Let your loved ones know should anything happen to you, were they can find this information and keep everything stored together in a safe place.
You can read the whole article here: https://domainnamewire.com/2020/03/02/death-and-domains-dnw-podcast-275/
Obviously the law is a different from Country to Country but most of it is common sense and has similarities. Do check the Law for England & Wales. Ask for a no obligation free consultation by emailing firstname.lastname@example.org
Do Remember to go through the checklist below:
- Make sure the will of the deceased can be found easily and verified to be legal, go to a solicitors to have it verified.
- When preparing your last will and testament have witnesses that can verify the will, your local solicitors office can do this for you.
- As the executor get several copies of the death certificate as certain institutions, authorities and organizations will need them for verification. Even trying to shut down social media sites may need this document for authenticity.
- Appoint an executor or personal representative (This can be a solicitor)
- Make sure an executor or personal representative is reachable ( Sometimes people move away or die, keep in contact with the person).
- Notify all Utility Companies.
- The executor needs to contact all banks of the deceased and notify all credit card companies. Banks will freeze all assets until the probate process has begun.
- Probate bonds are posted
- Receive Letters of Administration from the court
- Make sure all Assets are located and protected
- Assets are appraised
- Publish notice to creditors
- The decedent’s debts are paid off
- Tax returns are prepared and filed
- Remaining assets are distributed according to the will
- In the case of executing the will make sure all social media accounts are notified and third party subscription sites.
***Sorting out someone else affairs can be very complicated and distressing. It always better to be prepared including finalizing funeral arrangements etc. Do research life insurance to cover funeral costs.