Are you or your loved ones receiving Social Security benefits? If so, you may wonder what happens to those benefits when the beneficiary dies.
What happens when a Social Security beneficiary dies without payment?
Social Security benefits are paid a month behind. For example, benefits due for the month of August are paid in September, those for September are paid in October, and so on. If the beneficiary was to die any time between the first of the month and their normally scheduled payment date, then their loved ones or legal representative of their estate may come forward and claim the benefit.… Read the rest
Often, people come to my office seeking to avoid probate. They often report having heard frightening stories about the time and cost of the probate process but aren’t sure exactly what probate is. I will break down the basics in this post.
What is probate?
When a person dies, his financial affairs must be settled. There may be funeral expenses, medical and creditor bills that have to be paid. Assets may also need to be consolidated and distributed.
If that person has assets that did not transfer by way of trust, deed or contract, then the payment of funeral bills, medical and creditor bills, and asset… Read the rest