by KYW's Salil Gutt
The death of a loved one is always a tragedy for family and friends. Family members are caught up in the emotion of the moment and some of the financial issues are incorrectly handled.
A person's death freezes everything from a financial viewpoint.
The very first thing to do is for the executor of the will to go to the county courthouse in which the decedent lived and get legally appointed to handle all of the financial matters of the estate. These are called letters testamentary and the courthouse will give short certificates enabling the executor to work with the banks and the financial firms on behalf of the estate.
There is a huge mistake that some family members make. They continue making the payments on mortgages and credit cards on behalf of the deceased. Financial firms never point out that this should not be done. Some even have the gall to send a fresh batch of payment coupons to family members hinting to the moral responsibility of continuing the payments.
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