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The necessary steps to take when a loved one passes away
Nearly two-thirds of retirees will have to confront the death of their spouse in retirement. The loss of a loved one is an incredible challenge, especially if it comes early in retirement just as the golden years beckon. What follows can be overwhelming, but understanding what must be done can help ease the burden.
When a loved one dies in a hospital or nursing home, the staff typically manage most formalities and guide the next of kin on the necessary steps. Most hospitals have mortuaries, allowing time to arrange for the body’s transfer. Smaller hospitals and nursing homes may require immediate transfer arrangements, so it is crucial to plan accordingly.
If the death occurs at home and was expected, contacting the deceased’s doctor to confirm the death and issue a medical certificate is essential. If the death was unexpected, it is imperative to call 000 immediately for an ambulance. The paramedics will notify the general practitioner and the police if required. It is important to stay calm and not jump to conclusions at such a stressful moment.
The administrative and legal steps to take are many – and can be complex. Determining who will manage the deceased’s financial affairs is critical. The executor named in the will or the next of kin, if there is no will, will handle the financial affairs, including finalising any tax obligations before distributing assets. Remember, too, that it’s important to notify the tax office about the death to stop further correspondence and obligations.
Professional help can be invaluable at this time. Contacting a registered tax agent, financial planner or estate lawyer for assistance with probate, estate administration or contesting a will is recommended. Financial planners can provide essential guidance on managing finances during this challenging period.
A significant issue that often arises after a loved one’s death is access to money. When a person dies, their accounts are typically frozen until probate has been granted and an executor is able to manage the estate. This can create problems for paying expenses between death and probate.
Joint bank accounts that require two signatures can also be frozen, leaving the surviving spouse without access to money. In such cases, a funeral bond can be a successful tool to manage this risk, ensuring that funds are available to cover immediate expenses.
Deciding whether a grant of probate or letters of administration is needed is another significant step. Probate and letters of administration serve similar purposes but apply in different scenarios.
Probate is required when the deceased has left a valid will. It is a legal process where the court validates the will and grants the executor the authority to administer the estate according to the wishes expressed in the will. The executor can then manage the estate, pay any debts and distribute the assets to the beneficiaries.
Letters of administration are necessary when the deceased did not leave a valid will, or the will does not appoint an executor. In this case, the court appoints an administrator to manage the estate. The administrator’s role is like that of an executor, but instead of following the directions of a will, they distribute the assets according to the rules of intestacy, the legal guidelines for distributing the estate of someone who dies without a will.
Once the necessary legalities are addressed, notifying authorities is crucial. Submitting an official notification of death to the tax office and other relevant authorities is necessary. The authorised legal personal representative (LPR) will have full authority to manage the deceased’s tax affairs.
If the deceased wished to donate their organs, informing the hospital immediately is vital to ensure the process can proceed in a timely manner. Organ donation decisions should be respected, ensuring that the deceased’s final wishes are fulfilled.
Arranging the funeral involves several considerations. Checking the will for any funeral directions is the first step. If a funeral director is necessary, appointing one and checking for any prepaid arrangements is advisable. Financial arrangements should be considered, including funeral insurance, prepaid burial plots and government assistance for funeral costs.
