North Alabama Educators Credit Union

Even if an estate plan exists, family members may struggle to know what steps to take when a loved one passes away. From notifying family and friends to writing an obituary to contacting an attorney for estate filings, the to-do list can be long and may include things you have not considered. These bullet points, inspired by a larger checklist compiled by a local church, include important information that may help you to manage financial concerns: » Obtain a death certificate. Ask the funeral director how to obtain this document or request one from the local health department. It is wise to request multiple copies of this certificate as you may be required to supply original copies to several different organizations. It is not unusual for the cost per copy to range from $10 to $20. » Access financial accounts. Contact your loved one's credit union and other financial account holders and creditors to notify them of the death and inquire about how to make arrangements to close or transfer the accounts. » Inquire about insurance. File for life insurance and employer/retirement benefits. If your loved one was a retired teacher, the Employees' Retirement System (ERS) of Alabama is a resource that may be able to help guide you through the steps to receive insurance benefits. To contact the ERS, call 877.517.0020. If your loved one had homeowner's or other insurance policies in his or her name, contact the insurer to notify them of the death and inquire about the necessary steps to take to transfer or cancel the policy. » Secure safe deposit boxes. If your loved one left a safe deposit box, it may contain important documents—such as a birth certificate or proof of citizenship, insurance policies, and military discharge papers—that could be needed to obtain benefits. » Ask about Social Security. Call 800.772.1213 to inquire about survivor benefits for eligible dependents. » Call the Veteran's Administration (VA). To ask about veteran's benefits for active or former U.S. military personnel, contact the VA at 800.827.1000. » Transfer titles and deeds. If your loved one left titled vehicles and/or deeded property that require probate (court proceedings authenticating the will), talk to your attorney about transferring the assets to the designated beneficiaries. If your loved one left only nonprobate assets, such as a car or boat, you can transfer a vehicle title by filing an MVT 5-6 form with the state of Alabama Motor Vehicle Division. THIS INFORMATION IS GENERAL AND WILL NOT APPLY TO EVERY SITUATION. CONSULT WITH YOUR LEGAL AND FINANCIAL ADVISORS FOR YOUR SPECIFIC SITUATION. → Funeral and burial arrangements—Making final arrangements ahead of time takes pressure off of loved ones in the days following a death. What's more, you can make such a plan years in advance of needing it. When planning ahead, you can arrange for burial, entombment, or cremation; coffin; and type of service, if any, that you prefer. If you prepay for funeral/burial arrangements, be sure you understand exactly what is and is not covered for the money you are paying, if you are protected should the company you paid goes out of business, and if (and for how long) you can obtain a refund if you change your mind. → Loans—Debt is the responsibility of the individual who took out the loan and anyone who signed on as a co-applicant. Institutions that are owed money may make claims against the estate to cover the cost of the debt. "On member collateral loans, property would need to either be sold, transferred to a living party, or returned to the credit union," Greg says. "Credit life options or other life insurance for loans are very useful options to cover loan obligations when members pass away." Wha t D Whe • Love On Die → Life insurance—It may feel like a monthly drain on your checking account, but this investment is invaluable if someone with financial responsibilities passes away. With this coverage, families may be able to continue making critical payments for loans for important items, such as cars, the family home, or tuition for dependents. "Every adult with dependents or financial obligations—no matter his or her age—should make an estate plan," Greg says. "Lives can be lost in an instant, but planning ahead of time can ease the financial burdens for the survivors le behind." ON FRIDAY, OCT. 7, FROM 10 A.M.4 P.M., THE LAW FIRM OF KUDULIS, REISINGER, AND PRICE, L.L.C.* , IS OFFERING COMPLIMENTARY CONSULTATIONS TO DISCUSS CREATING A WILL. YOU WILL BE UNDER NO OBLIGATION AT YOUR INTERVIEW, BUT IF A WILL IS PREPARED, A FEE WILL BE CHARGED ACCORDING TO YOUR SITUATION. IF YOU ARE INTERESTED, PLEASE CALL THE CREDIT UNION AT 800.547.8172 TO SCHEDULE AN APPOINTMENT. *No representation is made that the quality of the legal services to be performed is greater than the quality of legal services performed by other lawyers. 5 NAECU.ORG NOT FOR PROFIT, NOT FOR CHARITY, BUT FOR SERVICE

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