Navigating The Aftermath

Navigating the Aftermath: A Comprehensive Guide to Handling the Affairs of a Deceased Loved One 

Losing a loved one is undoubtedly one of life's most challenging experiences. Amidst the emotional turmoil, there's a labyrinth of practical tasks that demand attention. From financial matters to legal procedures, the steps can seem overwhelming. But you're not alone. At Emprise Bank, we understand the complexities of this journey, and we're here to offer our support every step of the way. To help you understand what lies ahead, we've outlined the initial steps we recommend to our customers: 

Step 1: Notify Key Institutions & Request Closures 

To help prevent fraud or unauthorized access, notify relevant institutions of your loved one's passing, including other financial institution(s), the Social Security Administration, credit agencies, and insurance providers as soon as possible. You’ll also want to contact an insurance expert to see if you need to terminate insurance coverage (request refunds on unused premiums) and cancel your loved one’s driver’s license. Be sure to know how insurance plans are being paid so they do not lapse. Timely communication is key to preventing delays and ensuring that necessary actions are taken to protect the estate's interests. 

Step 2: Gather Important Documents and Catalog Assets and Liabilities 

Although it’s the last thing on your mind, it’s crucial to start by collecting essential documents such as the will, trust, death certificate, insurance policies, and financial statements. Many institutions require these documents to verify and determine who has the legal authority to manage the affairs of your loved one. If you're unsure about what documents you need or are having trouble finding them, don't hesitate to reach out to us. Additionally, there might be a safe deposit box at one of our branches that you weren’t aware of that holds these documents.  

Compiling a comprehensive inventory of assets and liabilities will also simplify the process. On everything from bank accounts to personal belongings, documentation is key. Depending on the size of the estate, you may want to connect with a professional appraiser for physical assets, ensuring accuracy and transparency. 

Step 3: Seek Legal Guidance (Optional) 

Consider seeking legal counsel, especially if the estate's value exceeds $75,000 or if there are complex legal matters to address. While not mandatory, consulting with a knowledgeable attorney can provide invaluable support during this time. If your loved one had legal representation for their will or trust, the attorney may already be familiar with the estate's details and can offer guidance accordingly. Empowering the executor with the right legal representation ensures a smoother and more efficient process. 

Step 4: Schedule an Appointment with Your Banker or Wealth Advisor 

If your loved one held an account at Emprise Bank, know that we're here to support you as a trusted partner during this challenging time. Together, you and your banker/advisor will collaboratively review recurring payments, terminate any unnecessary services, and streamline online banking access. Effective communication and organization at this stage will not only ease the immediate burden but also minimize potential complications down the road. 

Step 5: Initiate Probate Proceedings (if applicable) 

Probate is the legal process of executing a will, overseeing the settlement of debts, and ensuring the distribution of assets according to your loved one’s wishes. Transparency and organization are vital for a fair distribution of assets. However, the necessity of probate varies based on factors like the estate's size and existing legal structures. You may want to consult a legal expert for tailored assistance. 

Step 7: Tie Up Loose Ends & Attend to Financial Obligations 

Our bankers can assist you in terminating services and accounts billed to any Emprise accounts. However, it's important to take similar steps for any other financial accounts your loved one may have had. Ensure that utilities, subscriptions, or memberships in your loved one’s name are transferred or canceled to prevent identity theft and financial loss. Additionally, notify creditors and lenders of your loved one’s passing and settle any outstanding debts. Lastly, be sure to secure any valuable assets or personal belongings. 

Step 8: Preserve Memories & Protect Online Reputation 

In the digital age, memories linger online through social media accounts and email correspondence. When considering how to honor the legacy of your loved one, decide whether to memorialize or delete these accounts, bringing comfort and closure to family and friends. Notify any other online platforms or forums where your loved one was active, and safeguard sensitive information and passwords associated with online accounts. 

Throughout this journey, please know that you don't have to face it alone. At Emprise Bank, we wholeheartedly understand the weight of this experience, and we're here to walk alongside you every step of the way. Whether you're grappling with questions, drowning in paperwork, or seeking financial guidance, our compassionate team of bankers and wealth advisors is here to offer a steady hand and a listening ear. Together, we'll navigate the intricate financial steps following the devastating loss of your loved one, ensuring you feel supported and understood throughout. 

To further assist during this challenging time, our Wealth Management division is dedicated to ensuring peace of mind and a smooth transfer of wealth to the next generation. For those who meet our specific client criteria, we offer Trust Administration, Estate Settlement, Investment Management, and Private Banking. At Emprise, we’re committed to helping you secure your loved one’s legacy and providing the guidance you need to move forward with confidence.