Cannot find documentation for all of recently deceased husband’s assets
Dear Terry,
Over the last 3 years, with my husband and/or me either in hospitals or physical therapy rehabs, in new Rx protocols depending on physicians, there was absolutely NO filling system at home or mail retrieval for(a) filing bankruptcy now or (b) serving as a trustee or executor of will, what other sources can be used?
Terry Says
This is a problem that applies to many seniors who are faced with complexity of health issues, medical bills, and loss of a spouse. So I’m printing it not only as advice, but as a warning to others to at least purchase a cardboard file box and some file folders to keep everything in place.
Right now, you just have to start from the current moment. In your case, you need TWO file boxes — one for you, and one for your late husband’s issues. Let’s start with HIS estate. As the current bills come in, just put them in the box. Surely there will be some from Medicare and from his supplement. YOU are not responsible for those bills — or any others, unless you are a co-signer on a credit card account for example. But for the moment just pile them in the box, so you have everything together.
Do you even know if he had a will? Do you remember the name of the attorney he might have used, since they would likely have a copy? If you DO have his will, that attorney will help you through the process of claiming his estate. Any bank accounts that were in joint name, or any beneficiary accounts (such as life insurance or retirement accounts) will require a death certificate to proceed.
Now YOU must start over in your newly-widowed life. Your state council on Aging will surely provide resources. (In Illinois, it starts here: https://ilaging.illinois.gov/ They can introduce you to community resources you can trust to now get your finances in order, apply for any benefits for which you are now eligible (think subsidized senior housing, food benefits, etc).
But you’ll need to create your own “box” full of current bills and bank statements so they can help you get a handle on income vs expenses in your new life.
And if you find yourself left with your own huge stack of bills, then contact the National Foundation for Credit Counseling at 800-388-2227, which will connect you to the nearest local office.
Set up a meeting. Here’s what you’ll need — it’s really simple:
– Your latest bills — the whole stack — credit cards, medical bills, anything in YOUR name–
– Your monthly income — is it only Social Security? (If his check was larger than yours, you’ll apply for the difference — the widow’s benefit). Do you have other income?
– A list of your assets — retirement accounts, do you own the home you live in?, any checking or savings accounts? Are you beneficiary of HIS retirement accounts, or will you receive any life insurance proceeds?
Remember, now you are dealing only with your OWN debts, income, and assets. They can help you contact your late husband’s creditors advising them of his death, and the fact that there are no assets in the estate to pay them.
It looks like a daunting task, but once you get organized you’ll find it a lot easier.
