April 22, 2024
April 22, 2024
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What to do with finances when someone dies?

Managing Financial Affairs After a Loved One’s Passing in Florida

Coping with the financial matters of a deceased family member or friend can be a daunting and emotional task. This guide aims to provide a detailed overview of the necessary steps and considerations for handling finances following a death in Florida. Whether you are the executor, a family member, or a friend, having a grasp of these procedures can make a challenging period more manageable.

1. Acquire the Death Certificate

The initial step involves obtaining the official death certificate. This document is crucial for various purposes, such as closing accounts, filing insurance claims, and finalizing the estate. Typically, you can acquire a death certificate through the funeral home or the Florida Department of Health.

2. Notify Relevant Parties

It is essential to inform pertinent individuals and entities about the death. This includes notifying family members, the deceased person’s employer (if applicable), financial institutions, creditors, and government agencies offering benefits like Social Security or veterans’ benefits.

3. Secure Vital Documents

Gather and safeguard critical financial documents, including wills, trusts, insurance policies, bank statements, investment account statements, property deeds, and tax records. These documents play a pivotal role in settling the estate and ensuring that assets are distributed in accordance with the deceased person’s wishes.

4. Seek Legal Counsel

If the deceased had a will or estate plan, it is advisable to seek guidance from an attorney well-versed in Florida probate and estate law. They can assist you through the legal procedures, including probate if required, and ensure the proper execution of the deceased person’s wishes.

5. Review and Close Financial Accounts

Evaluate the deceased person’s financial accounts and insurance policies. Close or cancel accounts that are no longer necessary. Ensure that assets are transferred to the designated beneficiaries or heirs as outlined in the will or through legal channels.

6. Address Debts and Obligations

Identify and address any outstanding debts and liabilities. Generally, the estate is responsible for settling these debts, which may include mortgages, credit card balances, and unpaid medical bills. Legal assistance can be sought for negotiations with creditors if required.

7. File Tax Returns

Complete the final federal and state income tax returns for the deceased individual. Additionally, an estate tax return may be necessary if the estate’s value surpasses specific thresholds. Consult with an accountant or tax professional for guidance on tax-related matters.

8. Distribute Assets

Once all debts, taxes, and legal obligations are met, distribute the remaining assets to the beneficiaries or heirs as stipulated in the will or determined by Florida’s laws of intestate succession in the absence of a will. Maintain detailed records of all distributions for documentation purposes.

9. Monitor Ongoing Financial Affairs

Continuously oversee the ongoing financial matters related to the estate. This includes managing investments, settling bills, and ensuring proper asset maintenance until the distribution process is finalized.

Handling the financial aspects of a deceased loved one in Florida may present complexities, but adhering to these steps and seeking professional advice can facilitate a smoother navigation of the process. At Morgan Legal Group in Miami, we specialize in probate and estate planning and offer expert assistance in these areas.

The article What to do with finances when someone dies? was originally published on morganlegalfl.com.

What to do with finances when someone dies?

Losing a loved one is a difficult and emotional time, and dealing with their finances can add an extra layer of stress. It’s important to take the necessary steps to organize their financial affairs and ensure that their assets are distributed according to their wishes. In this article, we will discuss what to do with finances when someone dies, including important steps to take and practical tips to help you navigate this challenging process.

1. Notify relevant institutions

When someone passes away, it’s important to notify various institutions and organizations about their death. This may include banks, credit card companies, insurance providers, government agencies, and any other entities with which the deceased had accounts or memberships. Notifying these institutions will help prevent identity theft and ensure that their accounts are properly closed or transferred.

2. Gather important documents

Before you can begin sorting out the deceased’s finances, you will need to gather important documents, such as their will, life insurance policies, bank statements, investment account statements, and any other financial records. Having these documents on hand will make it easier to determine the deceased’s assets and liabilities and facilitate the distribution of their estate.

3. Settle outstanding debts

One of the first steps in managing someone’s finances after they pass away is to settle any outstanding debts owed by the deceased. This may include credit card debt, mortgage payments, personal loans, and other financial obligations. It’s important to prioritize these debts and pay them off using the deceased’s assets, if possible.

4. Probate the estate

If the deceased had a will, their estate will likely need to go through the probate process. Probate is the legal process of validating a will and distributing the deceased’s assets according to their wishes. It’s important to follow the probate laws in your state and work with an estate attorney to ensure that the process is completed correctly.

5. Distribute assets

Once the probate process is complete, it’s time to distribute the deceased’s assets to their beneficiaries. This may include transferring ownership of property, dividing investment accounts, distributing personal belongings, and fulfilling any other instructions outlined in the will. It’s important to follow the deceased’s wishes and any legal requirements when distributing their assets.

Benefits and Practical Tips

  • Work with an estate attorney to navigate the probate process.
  • Keep detailed records of all financial transactions and communications.
  • Consult with a financial advisor to help manage the deceased’s investments and assets.
  • Consider setting up a trust to expedite the distribution of assets and avoid probate.
  • Don’t rush the process – take the time you need to grieve and make informed financial decisions.

Case Study: Jane’s Experience

When Jane’s mother passed away, she was overwhelmed by the task of managing her mother’s finances. With the help of an estate attorney, Jane was able to probate her mother’s estate smoothly and distribute her assets according to her wishes. By carefully reviewing her mother’s financial documents and working closely with her attorney, Jane was able to honor her mother’s legacy and ensure that her financial affairs were in order.


Dealing with someone’s finances after they pass away can be a challenging and emotional process. By following the steps outlined in this article and seeking professional guidance when needed, you can ensure that the deceased’s assets are managed and distributed properly. Remember to take your time, stay organized, and prioritize communication with relevant institutions and professionals. By taking the necessary steps to address the deceased’s financial affairs, you can honor their memory and provide peace of mind for their loved ones.



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