When a person dies, their financial accounts — bank accounts, credit cards, utilities, subscriptions, investments, and insurance — must be systematically identified, managed, and closed. This process protects the estate from fraud, stops unnecessary charges, and ensures assets are properly distributed.
10 steps across 1 sections
1. Steps Guide
- Obtain certified death certificates — Order 10-15 certified copies through the funeral home. Every bank, insurer, and government agency will require an original certified copy (not a photocopy).
- Establish legal authority — If you are the executor named in the will, file for probate and obtain Letters Testamentary. If there is no will, petition the court for Letters of Administration. Joint...
- Notify Social Security — Report the death to the SSA (1-800-772-1213). Social Security benefits deposited after the date of death must be returned. The funeral home may report the death automatically.
- Contact banks and financial institutions — Notify each bank, credit union, and brokerage. Provide the death certificate and Letters Testamentary. Joint accounts transfer to the surviving owner. Pay...
- Cancel credit cards — Contact each credit card company to close the account. Pay outstanding balances from the estate, not from personal funds. Request written confirmation of account closure and z...
- Stop automatic payments and deposits — Cancel all recurring charges (subscriptions, memberships, insurance premiums) and redirect any automatic deposits (pension, Social Security) to the estate acc...
- File life insurance claims — Contact each life insurance company with the death certificate and policy number. Benefits go to named beneficiaries and typically bypass probate.
- Notify government agencies — Inform the IRS, state tax authority, DMV (cancel driver's license), Medicare/Medicaid, Veterans Affairs, and the U.S. Postal Service (redirect mail).
- Close utility and service accounts — Transfer or cancel electricity, gas, water, internet, phone, cable, and any home security services. Keep utilities on if the home is still occupied or being sold.
- Handle digital accounts — Close or memorialize social media accounts (Facebook, Google, etc.), cancel email accounts, close online shopping accounts, and secure any digital assets including cryptoc...
Common Mistakes
- Using the deceased's accounts to pay bills
- Paying debts from personal funds
- Forgetting to cancel subscriptions
- Not monitoring for fraud
- Closing accounts too quickly
Pro Tips
- Create a master account list
- Use the deceased's tax returns
- Place a deceased alert with credit bureaus
- Check for unclaimed assets
- Keep detailed records