Beneficiaries who were dependent on a now deceased person for financial stability must understand how to collect the life insurance policy as well as the Social Security benefits of the deceased, as the executor of the estate does not usually handle this. Thompson Law Office reported completing the necessary paperwork to collect these benefits can be difficult for many beneficiaries, so starting early and understanding what is required will help them in the long term.
According to the source, to collect the life insurance policy of a deceased loved one, beneficiaries will need information regarding the policy before any funds are distributed. Beneficiaries can contact the carrier the policy is through to gain information on policy details.
Social Security monthly survivor benefits can be collected by beneficiaries of any age as long as they are a surviving spouse, a former spouse, dependant or unmarried child of the deceased and meet the specific requirements. Some Social Security benefits are not retroactive, so family members should apply for them as soon as possible to ensure they are available, the source reported.
Parman Law recent said that life insurance is the ideal way to protect loved ones in the case of a death. According to the source, life insurance not only provides replacement income to keep friends and family financially stable, but it is a valuable tool to balance inheritances among several heirs. It can also be used in buy-sell agreements for small business succession planning.