If you are visiting our beneficiary assistance page, we are so sorry you are here. We know that this is a sad and stressful time for you, but hope this information will help make the task easier. There are a lot of decisions to be made at this time, so be sure to seek the counsel of a trusted advisor to help you with the process. Think about which tasks you can hand off to those who are ready to help.
There are a few tasks that you must take care of immediately, such as funeral arrangements, and some tasks that can wait until after the funeral. It will be helpful to have these documents at hand to complete a lot of the final arrangements:
If your loved one did not make previous arrangements, then you will need to bring together key family members and find a funeral director who will guide you through this planning process. Some things to consider:
An average cost of a funeral is $7,000 to $10,000. The funeral director may require that a portion of the death benefit from the deceased's life insurance policy be assigned to the funeral home. The beneficiary will be asked to sign an assignment form, which will guarantee that the funeral expense will be paid from the death benefit.
Consult your lawyer
You will need legal advice regarding probating the deceased will. Probate is the court-supervised process of paying the deceased’s debts and distributing the estate to the beneficiaries. Jointly owned property, property in trust, and assets with a designated beneficiary (life insurance, 401(k), pensions) do not go through the probate process. If the deceased did not have a will, state laws will determine how the deceased’s property will be distributed. The court will appoint a personal representative to handle the deceased’s affairs.
Contact employer
Do this promptly. Most people are covered by group insurance where they work. Ask about the benefit due you and how to file a claim. Also ask about pension fund benefits, accrued vacation and sick pay, terminal pay allowances, gratuity payments (tips), service recognition awards, unpaid commissions, disability income, and credit union balances.
Locate important papers
Search in safe-deposit boxes, briefcases, strongboxes, home and office desks, lockers, safes, etc.
Contact life insurance companies
Ask for claim forms and instructions on how to file for life insurance benefits. There is no immediate need for a lump sum payment. You need time to analyze your financial situation and seek advice from your financial advisors. To avoid making an immediate decision, tell the insurance company that you will need a certain amount now and ask that the remaining amount be held by the company (drawing interest), with the understanding that you can withdraw any amount at any time. Ask about other settlement options that may be available.
Notify Social Security
You must apply for Social Security benefits. They are not paid automatically. If the deceased had paid into Social Security for at least 40 quarters, the death benefit (which is $255 for burial expenses) and survivor benefits may be available. Call 1-800-772-1213 to apply for survivor’s benefits.
Gather the deceased’s current bills and notify creditors
Notify banks where deceased had accounts