After a loved one’s passing, there are many tasks that must be dealt with. Settling a loved one’s accounts helps avoid unnecessary charges and protects against identity theft and fraud. You will first want to identify which accounts your loved one held and then figure out what to do with them.
Deciding Whether to Cancel or Keep an Account. The first step is to figure out what accounts the deceased had by looking through their mail, email, or phone notifications (or in our client’s case, their estate planning binder). You can then move on to the next step of deciding whether to cancel or keep them.
Subscription Services. Unless the service has a shared family plan, it can most likely be canceled. In addition to digital media services like Netflix, Hulu, and Apple TV, do not forget delivery services like Amazon Prime, and subscription box services. Also, keep in mind that they may have recurring monthly deliveries for certain items. Look for digital subscriptions to newspapers and magazines.
Utilities. Utilities may need to be temporarily kept in the deceased’s name, transferred to another account holder, or canceled, depending on the circumstances. Keeping utilities in the name of the deceased should be okay on a short-term basis while the estate is resolved, but you might want to check with the utility company. If utilities were in the deceased’s name and they lived with somebody else, the accounts should be transferred to that individual. The same goes for a family member who plans to take over occupancy or ownership. Although not technically a utility, a home security system deserves the same consideration as utilities. Security is particularly important for a home that is left vacant for extended periods while settling the estate. Do not deactivate a loved one’s cell phone service until you have retrieved all of the information you need from the phone.
Miscellaneous Accounts. Here are some more examples of accounts you may need to resolve, either by canceling or, where possible, transferring account ownership: Memberships to gyms, sports clubs, cultural institutions, unions, homeowners associations, Costco, and other fee-based groups or services; physical newspapers, newsletters, and magazines; social media and dating sites; financial advisor, personal trainer, accountant, life coach; pet-related dues and subscriptions; meal delivery services; and music subscriptions (Spotify, Apple Music, Sirius XM, etc.).
Probate, Estate Administration, and Executor Legal Assistance.
As you deal with the emotional challenges of a death in the family, you may be simultaneously navigating legal issues related to losing someone close to you. Being named as a trustee or personal representative comes with a lot of responsibility. Our estate planning attorneys offer services tailored to help you do right by your loved one—and the law. For answers to your estate administration questions, reach out to our team.