You will want to gather all the bills together and make sure you
are aware of all the credit obligations of the deceased. Many installment
loans, service contracts, and credit cards accounts are covered
by credit life insurance, which pays off the account balance in
the event of the death of a customer.
You should contact any financial institution where the deceased
had a loan and inform them of the death. They will be able to inform
you if the loan was covered by credit life and what needs to be
done to file the appropriate claim. A certified copy of the death
certificate is often required to file a claim.
You will also want to contact credit card companies to notify
them of the death. If the card is jointly held, find out what documentation
is required to change cards into the survivor's name. Ask the credit
bureau to assist you in transferring your loved one's credit into
your name. They may be able to assist you in determining any outstanding
obligations of the deceased.
Make a prompt request for the release from each bank in which the
deceased and you held a joint account. This is necessary before
you can withdraw funds from that account. A bank will usually stop
payment on all checks as soon as a death notice is published. The
bank must also have the account cleared by the provincial tax authorities.