Navigating the First Three Months After a Loss: Essential Tasks and Considerations

Losing a loved one is a profound experience, and the initial months following their passing can be both emotionally challenging and overwhelming with various administrative tasks. Building upon the responsibilities outlined in the first month, here are crucial tasks you should focus on during the first three months:

Commence the Probate Process:
If applicable, most executors typically initiate probate proceedings 2-3 months after the decedent's passing. Probate establishes official documentation, commonly known as "Letters" or "Certificate of Appointment," granting you legal authority when dealing with third parties like banks. While an initial estate inventory may be necessary to initiate probate, it can be updated as needed.

Establish a Family Allowance:
Consider providing a living allowance for dependent family members from estate assets if required to maintain their accustomed lifestyle during the settlement period. Seek court permission for such allowances, adhering to province-specific laws that may prioritize these allowances over certain estate debts.

Forward Decedent's Mail:
Arrange to have the decedent's mail redirected to you, streamlining communication and minimizing the risk of missed correspondence. Visit the nearest post office with essential documentation, including your identification and proof of legal representation.

Notify Life Insurance Companies and Financial Institutions:
Inform life insurance companies and financial institutions about the decedent's passing to facilitate the processing of policies and beneficiary accounts. While beneficiaries typically handle this task, you may assist in notifying relevant parties to ensure timely proceedings.

Notify Creditors and Other Agencies:
Reach out to credit card issuers, government agencies, and other relevant entities to notify them of the death, preventing the accumulation of unnecessary fees and penalties. Close credit card accounts and address recurring payments as needed.

Determine and Notify Heirs:
Identify beneficiaries based on the will or local laws and inform them of their entitlements. Although the distribution of assets may be pending, keeping heirs informed fosters transparency and clarity throughout the settlement process.

Obtain a Trust Account Number (TAN) and Open an Estate Bank Account:
Obtain a Trust Account Number from the CRA and open an estate bank account to manage finances and transactions securely. Ensure compliance with bank procedures and gather necessary documentation for account activation.

Find and Claim Estate Assets:
Locate and secure all estate assets, adhering to legal protocols and documentation requirements. While this task may extend beyond three months, initiating asset identification and collection is essential for effective estate management.

Publish a Notice of Death:
In jurisdictions requiring probate, publish a notice of death in local newspapers to inform potential creditors and fulfill legal obligations. This notice serves as a formal announcement of the decedent's passing and provides creditors with an opportunity to submit claims against the estate.

Consider Online Media Accounts:
Evaluate online media accounts and consider whether to memorialize or deactivate them, balancing practicality with sentimental value. Services like GoodTrust offer digital executor assistance for handling online accounts posthumously, simplifying the process for executors.

Determine Asset Values and Assess Estate Solvency:
Evaluate asset values to determine tax implications, estate settlement strategies, and overall estate solvency. Detailed valuation of assets ensures accurate distribution and financial planning during the settlement process.

Begin an Asset Disposition Plan: 
Develop a comprehensive plan for asset disposition, considering legal obligations, debt settlement, and heir preferences. Maximize estate value and prioritize heir satisfaction while adhering to legal requirements and ethical considerations.

Navigating the first three months after a loss involves a blend of emotional healing and practical responsibilities. By addressing these essential tasks and considerations, you can lay a solid foundation for the estate settlement process while honoring your loved one's legacy.

Contact King's Downsizing & Estate Services now to learn how we can help you navigate the first three months after a loss with ease and efficiency. Your loved one's legacy deserves the utmost care and attention, and we're here to ensure that their wishes are honored while you focus on healing.

Désirée King
REALTOR®, Certified Executor Advisor (CEA)
416-333-8520