If a person dies, what do you do about her finances?


My friend of 28 years is dying (87 years old)..I manage her bank account and pay her bills. She receives a pension and SS. WHAT DO I DO?...I do not have a POA. She does trust me...THANKS!!!

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Igloo she is asleep and not going to wake up....
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As far as the pension, if it is federal (like civil service type), it too follows the pattern eyerishlass experienced for SS but maybe a month later. For my mom, SS was clawed back from her checking account within 30 days; federal retirement within 60 days. If its direct deposit, it gets clawed back so you have to leave the full amount in the bank as they will continue to try to get with NSF charges each time if not there.

On the bank account, is it POD (pay on death) to you? If not, I'd try to get her (& you) dressed nice and as sharp as possible with good ID's to get this done at the bank ASAP. Really ASAP. You want to call to set an appointment with a bank officer ahead of time do they can already review her account and have paperwork at the ready. If her bank is old-school & has a trust department, someone in that dept would be ideal as they deal with this stuff all the time. You do not have to be her DPOA to get the account POD to you.

Do you know if she has a will? If so, who is the executor?

What about funeral costs? Does she have a preneed done & paid for? Or is dealing with this likely to fall to you to deal with? If so, having the account POD enables you to move the $ to an account in your name & use her $ to pay for funeral or cremation. If you don't have your own account at her bank, I'd really suggest you open an account in your name the day the POD stuff is done. it will be into this account all the $ left in her POD account will go into. Comprende?

Other than the $ in the bank, does she have other assets ..... House, car, CD 's?

What about family?
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Did she execute a Will? If not, her assets will be divided according to the state's laws on intestacy (dying w/o a will).

Immediately, though, any family should be notified. If there are none, I honesty am not sure how you would get authority to take care of her assets, without petitioning a court for same, but if you are a co-signer on her bank account, you would arrange for her funeral (if you want to have one), pay expenses of her last illness, then close the account.

Where is she living? Does she have property or assets of which to dispose?
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She is sleep and according to the Drs. she won't wake up.!
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I can help you with the social security part. When my dad died his social security stopped automatically. I don't know how or who informed them but it just didn't show up in his account after he died. I'm sure my dad's social security number was entered on some official death document somewhere and that's how the SSA was informed but to the best of my recollection I didn't have to do anything when it came to the social security.

Does your friend have a next of kin? I would think that her pension and money from the bank account would go to the next of kin. Since you pay her bills I'm assuming that your name is on the bank account?

If her pension and bank account are substantial you might have to contact an estate attorney. I would do so as soon as possible while your friend is alive. Has she discussed her wishes with you?
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