Questions tagged [death]
Questions related to end of life situations and how personal finance is involved.
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How close is the fate of Berkshire Hathaway tied to Warren Buffett?
We all are humans. Humans are mortal, and so is Warren Buffett. Given that he is an elderly man close to 90, it is quite likely that he will pass away in the next few years.
Sad events like these ...
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3
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How can I deal with a legitimate check received that is made out to my deceased wife's name?
My wife passed away on the 17th of November 2022. I just sold her car to Carvana. When I got home I noticed the check was made out to my wife ($4,000). We did not have a joint bank account. I do my ...
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Where should I put my will so that it can be easily found when the time comes?
This has been puzzling me for a while. What is the best place to keep a last will and testament so that it can easily be found and executed obviously without any help from me?
I've seen a lot of ...
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Who does the money go to if "everyone" in a family dies?
I watched this movie yesterday, and there's a scene in it where they execute an entire Mafia family (parents, siblings, cousins, relatives and whatnot). It made me think of this question.
If an ...
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What will happen to my wife's debt when she passes away?
I am currently a Washington state resident but my wife is still an Oregon resident. Recently she has had some health issues and has been given a short amount of time left to live. We are trying to ...
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GE historic stock price on DOD changed
My father owned GE stock and he died in November. In late November, for my appointment with the probate court, I looked up the closing stock price for the day he died. Unfortunately I downloaded the ...
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What happens to 401(k) money that isn't used by the time the account holder dies?
What happens to un-withdrawn 401(k) funds upon the death of the account holder?
Can they be transferred to an heir? What are the tax implications (if any) of this?
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If you receive life insurance, does the estate have any claim to it? Do you have to use it to pay for debts of the estate?
If after someone dies, you receive life insurance as the beneficiary, is the estate entitled to any of that money? Are there cases where the life insurance money can be included in the estate and ...
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When someone receiving Social Security dies, does the estate have to give back their last "paycheck"?
When someone receiving Social Security in the US dies, I have heard that there are some cases where the estate must return the last payment made by Social Security.
It makes total sense to me that if ...
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Co-signing & dying: What if a loan co-signer dies? Is estate of co-signer liable?
A grim and tragic question perhaps, but I'm curious:
What happens when a person that co-signed on a loan dies? Is the co-signer's estate potentially liable until the loan is paid off, the same as if ...
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Estate liability for co-signer to Sallie Mae student loan?
My son has student loans. I co-signed on three that are currently with Sallie Mae. He stopped paying so I am doing that in order to protect my own credit. What is my estate's liability should I die ...
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Are funeral plots a good investment?
At the risk of sounding morbid, is it worth looking into cemetery plots/mausoleum storage? Is it correct to assume that these costs will increase over time?
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Why would a life insurance exclude suicide for the first two years of policy duration only?
I'm currently reading terms for life insurance with survival benefit and investment. It's like you pay ten thousand USD each year and five years later you get back forty thousand USD (the four ...
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How long do credit cards keep working after you disappear?
This may be a morbid question, but let's treat it as a thought experiment: how can I keep my website running for posterity after I die?
Say I have enough ad revenue from the site to pay for web ...
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8
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2
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Death checklist
A relative of mine is in declining health and his wife fears he may die in the next few weeks.
I would like to give him a checklist of things he needs to write down. Something a bit more detailed ...
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1
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Grandmother's MetLife policy showing up as unclaimed property
Last week, a former co-worker encouraged me to search for unclaimed property in Michigan. I've done this before (several years ago) and did not find anything. However, since I changed jobs a few years ...
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What will happen to this life insurance policy obtained just before a possibly terminal diagnosis?
A family member in his early 40s recently suspected he may have cancer due to digestive issues. A life insurance policy for $500k was purchased. A basic medical exam to determine eligibility was done. ...
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What happens if I co-sign a loan and the borrower or debtor dies?
What happens if I co-sign a loan and the borrower or debtor (the person that borrowed the money) dies?
Does the co-signer then assume full liability over the loan, i.e. become the new and sole debtor?...
user454
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2
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Does money received from the estate of a deceased parent count as income?
My father passed away last year and my uncle was listed as executor of the estate. He liquidated the entire estate and it was released from probate last month. All of the children received an equal ...
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1
answer
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Which retirement accounts can my spouse spend immediately if I die?
Which, if any, of my tax-advantaged retirement accounts would my spouse be able to access without tax penalties if I die before she is 59 1/2?
I have a 401(k), a Roth IRA, and an HSA. My spouse is ...
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8
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2
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Locating all the deceased's assets in the UK
Is there anyway, in the UK, for an executor of a will to locate all the deceased person's assets? Or, to put it another way, how can one be sure that all the deceased person's assets have been located?...
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1
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How do taxes work if one's spouse dies?
My question is not for estate planning, but to understand taxes (similar to question for Canada) but when taxes have been filed regularly (and pertaining to the U.S., not Canada).
Suppose a couple ...
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Mistaken identity error (I am dead) - property tax issue [closed]
I purchased my home in Florida, Palm Beach county, in 2005 and I received my homestead exemption. Last week I was checking something on the Palm Beach Property Appraiser website and to my surprise I ...
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Can an incomplete 401k hardship withdrawal be reversed due to death?
The situation is that a friend was terminally ill and was struggling financially and so took a hardship withdrawal. His health took a turn for the worse and died before he received the check.
Now his ...
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6
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1
answer
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What happens to a HELOC after a death?
My situation is as follows: up until a few months ago, my father, mother and I lived in a house (in Canada) which was solely in my mother's name. There is a home equity line of credit associated with ...
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1
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What happens to your assets if there is no heir?
I have read a lot of articles about what happens if you die without a will in a variety of situations (married, single, domestic partners, with/without children, etc.). Most "extreme" is that you die ...
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How does a reverse mortgage affect the owner's children, after death?
My Dad just passed away recently with a reverse mortgage. I understand how the reverse loans works, by basically putting the house up as collateral, and receiving an amount based on the home's equity (...
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Does the death of a spouse affect capital gains calculation of the jointly owned home?
Say a couple jointly owns a primary home free and clear, and then one of them dies. The title is then transferred to the survivor. Does the fact the title transferred reset the clock for when the home ...
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4
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2
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Is property with a transfer-on-death deed on it part of "the estate"?
My parents, in Colorado, would like my sister and I to be able to avoid probate when they pass away. They have a home (mortgage still in the process of being paid off) but not much in the way of other ...
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1
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sorting out pensions on death
My mother passed away about 14 months ago. She had 3 pensions that are going to pay a lump sum out due to her death, she died before pensionable age. She nominated me and my two brothers to be the ...
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1
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How do I account for federal and state (NE) taxes to cash out a UTMA for a minor for college?
My son has lived with my mom for about 15 years as a guardian. She setup an UTMA account in Nebraska. She and her husband owned a farm and have done their taxes every year. My step dad passed away in ...
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0
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Prepaid funeral expenses 15 years ago, with 3.6% interest, should estate get some money back?
My wife and I are executors of the estate of a recently deceased neighbor with no family. She had very little. She had prepaid for her funeral, which of course was very small during the current ...
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2
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What happens to your spouse's sole proprietorship if they die?
In this case, it is a construction company located in the United States. It is owned by one spouse, all bank accounts/credit cards etc. are co-signed by both. However, the business is a sole ...
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3
votes
1
answer
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Parents deceased but still owe for refinance loan
My mother and father refinanced their home but they both passed away before it was paid off. My name is listed on the deed along with my mother. Am I responsible for the loan because my name is on the ...
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1
answer
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Is it safe to list a mother's maiden name on a death certificate?
I have to fill out a death certificate, and one of the questions is the maiden name of the parent...
Death records are public, and the maiden name plus some tiny amount of information is enough to ...
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1
answer
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How long after a US serviceman is killed would the family receive the 100K death benefit?
Under ordinary circumstances how soon after a serviceman's confirmed death would the family actually have the 100K to use for expenses?
(My understanding that this 100K is in addition to life ...
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1
answer
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How do we decide where to pay back debts when someone dies without a will and has both Credit Card Debt and Debts to Family Members?
I have an aunt that died without a will and with a large amount of credit card debt. She lived in Illinois before her death. Before she passed away, I physically took care of her and paid a large ...
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0
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When do UK creditors pursue a debt after the debtor has died?
According to StepChange, creditors don't normally pursue a debt of someone who died if there isn't a large estate:
Most unsecured creditors will normally write off a debt (like a personal loan or ...
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2
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2
answers
311
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Bank account when owner dead
What does a bank typically do when the account owner dies, and nobody came to claim the money?
Do they leave the money in that account ad vitam aeternam, or does it get collected and used at one ...
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2
votes
2
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Taxes on money received from a death benefit
When my father had passed away, all of us kids signed off on the rights to any of his money/assets to our mother. Upon receiving the money, she had paid taxes on them. She then dispersed an amount off ...
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1
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What happens to the insurance payout on home insurance if the policyholder dies when the home is destroyed?
After talking to my dad the other week, he mentioned his home isn't insured, because he can't afford it. I've been looking up policies which would suit him, and I'm planning on paying for the policy ...
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2
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1
answer
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Phantom Bank Regulations
I was power of attorney for my mothers account. I closed the account at the time of her passing away and received a cashiers check for the balance. A credit came in for 42.00 and the bank reopened the ...
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1
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is estate responsible for debt co-signed by decedent for car loan if car repo'ed AFTER the death?
My mother co-signed car loan for her grandson. Car was repo'ed 7/11/20. As executor of her estate ( she passed in 5/20), I received notice that the car would be sold on 7/29/20. I did not receive that ...
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2
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1
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Used ToD life insurance to pay estate bills; any tax benefit to the insurance beneficiary? (USA)
The deceased owned the life insurance policy and named a single beneficiary to receive the insurance money (transfer on death).
That single beneficiary used all of the life insurance proceeds to pay ...
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0
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2k
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What is the equivalent of a nominee system in US banks?
If I want to ensure that my bank account funds are transferred to my parents, who live in India, (I would assume through some legal proceedings) in my absence, is there any method to nominate them ...
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1
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My sister borrowed money on a home thats not hers, how can I protect the home?
After the death of my sister, my mother finds out she had taken a mortgage out on mom's home. The deed and taxes are only in mom's name.
The bank came out taking pictures yesterday. Mom is 72 ...
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1
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Recently my mother died - how to handle her living trust account - Does the date of trust formation change?
A few months ago, my mother died. She had a living revocable trust which reported its income to the IRS under her social security number. When she died the trust became irrevocable and I went to the ...
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1
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Tax forms required for heirs who receive money from sale of an estate?
The probated estate is small; no state or federal taxes will be owed for the estate or for those who inherit. The property will be sold and money distributed to the heirs.
Are federal 1099s still ...
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2
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Life Insurance Policy for my Dad
My dad want me to get a life insurance policy on him. I have no clue where to start or even what type of questions to ask. What are the positives and negatives of buying a policy. Is it a sound ...
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Transferring deceased owners IRA to my inherited IRA
I am liquidating a deceased owners IRA (I am executor).
I have opened an Inherited IRA at another institution.
Institution1 has to sell the stocks, open an Inherited IRA for me. I have to initiate ...
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