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They say there are two certainties in life – death and taxes.
There comes a time in our life where we have to face the loss of a loved one. Grieving over the loss of a loved one can be complicated and difficult especially in the case of a sudden death. And more often than not financial issues complicate matters during these times.
Learn what to do about financial matters after someone’s death as I chat with my own accountant Eric Nisall. Eric works with the freelancing and blogging community through his company Accountlancer.com. He also writes about entrepreneurship and more educational personal finance topics at understandfinances.com
In this episode, Eric shares how to handle our deceased family member’s finances and all other stuff in case of a sudden death. He discusses the importance of creating a will and naming two beneficiaries on all our financial accounts. Find out how to do that and also what we need to do if both are not present in the time of death.
If you want to make the grieving process easier for your loved ones, Eric lists out the preparations you can make today. He also points out the importance of having life insurance even for single people.
Listen and learn how you can protect your money in life and in death.
What You Will Learn From This Episode
- The financial matters we need to take care of in case of sudden death of a loved one
- The importance of a will and naming your beneficiaries in all your accounts
- What happens if there is no will or beneficiaries listed
- How to name your beneficiaries online and why it’s important to continually review them
- When taxes are applicable for inherited money and how to handle taxes
- Why it’s important to talk to tax professionals for financial advice
- How to search for money under your or your family’s name
- Preparations we can make today to make matters easier for our family in the event of our death
“Because (my brother’s death) was a surprise and nobody had any idea that there was anything wrong, that’s the type of stuff that really drew on the emotional side was not knowing exactly what happened for over a month, having to wait for them to release the body to do the funeral service.” – Eric Nisall
“Never let one person’s experience dictate what you’re going to do.” – Eric Nisall
“You need to be prepared because tomorrow might not be guaranteed.” – Eric Nisall
“Make sure that all of your accounts have a beneficiary named on them so that people who are dealing with your stuff don’t have to fight tooth and nail to get everything cleared out.” – Eric Nisall
“The longer things get left unsettled, the longer it’s gonna take for people to be allowed to actually get on with their lives.” – Eric Nisall
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Timestamps
2:19 – How the sudden death of his brother affected Eric’s mental health
5:14 – What we can do to support someone who’s dealing with the sudden death of a loved one especially if the cause is unknown
06:45 – How Eric handled his brother’s stuff and financial accounts
11:48 – What probate means and how to do it, why it’s important to name beneficiaries for all your accounts plus the importance of will
16:07 – How you can list your beneficiaries online and why it is important to continually review them
19:11 – On power of attorney, estate accounts and estate taxes
21:45 – Why it’s important to talk to tax professionals for financial advice
23:27 – When taxes are applicable for inherited money and how to handle taxes
25:06 – Preparations we can make today to make matters easier for our family in the event of our death
32:00 – All about found money and how to search for money under you or your family’s name plus how Eric was able to heal
34:23 – The importance of life insurance even for single people
40:00 – All the works involved in dealing with death and filing taxes
Resources
- LastPass
- Fabric
- Tomorrow
- Haven Life Insurance – check out your prospective rates
- Income Tax Return Basics Everyone Should Know To Avoid Worry
- Where To Find State Income Tax & State Refund Info
- Unclaimed Property: How To Get Your Lost Money Back
- Why A Beneficiary Should Always Be Named On Financial Accounts
Connect with Eric
Connect with Melanie
- mentalhealthandwealth.com
- melanielockert.com
- Contact: mentalhealthandwealthshow@gmail.com
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