What should I not do when I lose a family member?

I found this to be an interesting problem for folks, not because I am smart, but because I had some friends tell me what happened to them.

One of my friends and financial clients (I am a retired financial advisor) lost their husband suddenly.  She immediately notified the credit card companies and her banks.   She shared that they immediately shut down / locked her accounts and she was not able to buy gas without cash or travel or even purchase groceries.  Wow!!  What did she do?

Well, the first thing is she had to get some friends to loan her some dough/cash until she could reapply for a credit card.  It took a couple of weeks, and she was stressed out by more than just the sudden loss of her husband.  

What about the checking account?  If things are done correctly there is generally no problem as long as the account has "right of survivorship".  You better go check with your bank.  There are other ways of handling, but this is the most common.  The bank may ask for a copy of the death certificate and/or identification proving you are the surviving account holder (depends on the bank's policies).  BUT, and there is always a but, if the deceased was the primary account holder, and you were listed only as an authorized user (not a co-owner), the bank may freeze the account.  This is a possible probate problem.  

Well, I hope this helps a little, but!

So what do you learn in the Osage

• check with your bank on what your options are
• check with your credit card company on are you a joint or authorized holder and ask how they would handle it
• on the credit card you will want to verify (by state) if you are liable for the debt and how they would handle the notification.
• talk to your financial advisor and lawyer 

Thanks for listening,

gary

gary.olson@finaciti.com

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Gary L. Olson

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well, here is a new one and i need your help. I think many of you know I have an app called Finaciti and if you would like to try it out for FREE (always free to you up to 1000 of my friends, family etc.). All I need is for you to try it and give me feedback to gary.olson@finaciti.com

so here is what you need to get it free: download the app and when it asks for an AID number use srem8z

let me know you signed up and try it out. there are two things we are doing and it will be expanding rapidly as we get a few things adjusted. 1. if you would like to get some education and organize your personal information secured on your phone, not on our files, so that is something happens to you, your family or spouse will know what to do. 2. if you go back to the main menu on the app you can start writing your story for your family and children and grandchildren. I personally have written a lot of stories about growing up in the Osage and expecially stories of mom and dad and our ancestry.

And it is all FREE to you if you use the code srem8z

tell me of any problems you might have or suggestions. we are going to add end of life planning as well.

thanks for helping,

Gary L. Olson

gary.olson@finaciti.com