The Ramifications Of The Passing Of A Parent

     My last post was announcing the passing of my father. Not only is there the grief but several other things involved. 
     You have to deal with relatives and friends. Everyone means well but it is an uncomfortable situation for everyone. Then you have to rehash the whole situation to everyone. It does get uncomfortable. I am also getting a lot of people implying a wrongful death. The lawsuit and lawyers. 
     Then there are the transfer of accounts. The bank, utilities, automobile and house deed. You have to go to the funeral home. Decide what to do and pay the bill. This is a hard time for the spouse. As you are at a very weak moment. They will give you the opportunity to spend more that you are willing and can afford. Not saying this is wrong, just part of it. 
     Retirement, social security, banking and investments also have to be addressed. How much money will the survivor to live on? You have medical insurance to change. A lot to do. 
     Some things are passive. Like an automobile for instance. If the title is free and clear of any lien you may not have to change anything is it says or instead of and between the names. No need to change. A home deed is a little more tricky. These are generally stated and. You do want to change that. As you need control of your home. Especially if you have the deed and do not owe anything on your home. Now if you put your children on the deed they have as much say as you do with the disposition of the property. Also if you sell the home you can subject them to capital gains tax. So this can be touchy. But in the event of the elders passing the children own the home assuming responsibility of any taxes or insurance. Saving them an inheritance tax. If or when they take possession of the home. At which point if they decided to dispose of it they still may be responsible for a capital gains tax. 
     The other things are to access the services you have. Many services are set up on a contract basis. To break the contract is often not cost effective. So it may just be better to let the contract run out. You have to figure out which services you do no longer need or want. 
     There becomes a need to look at your budget. As your income is likely to change. Sometimes to the downside. If there was life insurance you may get a windfall. Either way the ball is in your court. It is what it is. 
     Watch out for the vandals who will try to come in and prey on a weakened person. They are everywhere. Even someone you may have trusted before. Just looking for an opportunity. I am probably a little to much on that. 
     You also have all the personal processions of the expired. If they are of no value you may just want them to be thrown away. But if they can be re purposed you may want to consider donating them to someone who can use them. This will let an object that is perfectly good to be used by someone else instead of wasting them. Any charity you choose would be OK. 
     A person may think they have plenty of funds. But after a short while sees this isn't true. Where is one to go? Can you get some help from tort law? A law suit. Probably not. You just have to adjust.