For many pre-need plans, we are able to spread the final cost out over a matter of months and sometimes years. However, you may choose to pay your entire pre-need funeral bill ahead of time if you choose.
Prior to death, we recommend that you have someone you know and trust placed on your accounts. This person will then be able to make necessary payments for you and your estate when the time comes. After death, this person will need a certified copy of the death certificate to change all joint bank accounts and remove the deceased’s name. Bank accounts solely in the name of the deceased will be settled by the probate court.
We encourage you to make a list of any outstanding loans you may have at the time of your passing. Your next of kin will need to contact any financial institution where you have a loan and inform them of your death. The loan may be covered by a credit life insurance policy, if so, ask what is required to file the claim. A death certificate is often required.
If you will still be using credit cards, make sure that your spouse or legal next of kin is notified of what cards you are using or have used. We recommend making a list which includes 1-800 phone numbers. After your death, each card company will need to be notified and they will either close the account or change it to the surviving spouse’s name.
Again, we stress the importance of having someone who is able to access your accounts, and who will know what bills may be outstanding at the time of your death. Make sure they are aware of all of your credit obligations.