Accounts to Remember to Close when a Loved One Dies

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financial accounts

Accounts to Remember to Close when a Loved One Dies. This task is certainly very important when a loved one dies, and someone has to do it. Maybe you are the one who is supposed to do it. It is very important to look after your loved ones’ accounts and cancel them after their passing. If you are unsure of what arrangements you need to cancel accounts, this article is definitely for you. We have compiled a list of accounts that you need to close after your loved one dies. The list includes all the reports that need consideration, including subscriptions and memberships, and you can check which accounts will need cancellation and which ones just require an ownership transfer.

Financial Accounts:

You need to start with your loved one’s most important accounts, which are the financial accounts. If you do not know what exactly comes under financial statements, then we have got you covered. Bills like credit cards, mortgages, car loans, and retirement accounts all fall under financial accounts, which you need to close. One thing to keep in mind is that you can only cancel the accounts of a loved one if you are the executor in the loved one’s will.

Insurance:

Not only do you need to handle just financial accounts, you will also need to focus on any insurance accounts that your loved one had. These include accounts like mortgage insurance, life insurance, renters insurance, and so on. Make sure you thoroughly check all the accounts your loved one had and close them properly, so you do not miss out on anything.

Subscriptions:

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Understanding the subscription part is very important since some of these will keep on charging and remain active until your loved one’s payment method is no longer valid. Your loved one’s subscriptions may include Netflix, Amazon Prime, gaming subscriptions, online book subscriptions, and even food subscriptions with brands like Starbucks and so on. You might be wondering how to close a Starbucks account. Lantern is an online resource that can teach you more about how to close common accounts like these

Memberships:

Then comes the various memberships that your loved one might be a part of. It includes any trade unions, health club memberships, and more. You will have to cancel these memberships to prevent continual charges.

Business Accounts:

Once you are done with the accounts mentioned above, you will need to consider business accounts and utilities. These include the various business memberships and expenses your loved one may have had, like business subscriptions, internet facilities, and so on.

Social Media:

Closing your loved one’s social media accounts is also very important. Ask for opinions from other family members and then begin with deleting them. You will need to get in contact with various social sites and let them know about the death. You will need to prove your relationship with the deceased to close their account which may require sending a copy of their death certificate for proof.

Conclusion:

Hopefully you are prepared and know how to handle all the accounts that you need to close when your loved one passes away. It is always a good idea to make a list of these accounts so you do not forget any of them during the stressful circumstances after a death.

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