Our accounts were all joint, but the main ones (including the trust) were reported through his social security number. Upon notification of his death those needed to be changed to my social security number. That change caused problems at two institutions.
I guess, knowing he was ill, I could have moved more bill payments to my accounts. (I didn’t think joint accounts would be a problem). The big frustration is both Navy Federal and Fidelity canceled the accounts where we were using BillPay. So, all the pre-set payments and auto-payments were wiped out.
It took about a month for Navy Federal to re-set my accounts. There were glitches. I had to re-type all of the account numbers using the APP, rather than the web site. Fidelity took 5 days, but in that time, a check to the mortgage company bounced because they hadn’t told me not to use that account. Luckily it was an escrow update payment, rather than a full mortgage payment.
So my recommendation for an account in your own name might not solve all thse problems, but you’d have easy access to money, ideally in a checking account where you could pay a few bills if needed.
Even better if your financial institution advises how the changes will hit and move the BillPay accounts before they close a checking account where you were using BillPay.
Like @Mom22039 when my husband passed away last year, I had the most trouble with our credit union, which is the account bills were paid from. All our accounts were also joint, but my husband was the primary, so all accounts had to be changed to my name. I had been paying the bills for months through our bill pay with the credit union; who would have thought the account would have to be closed and reopened in my name? I also had to reenter all the vendors in the bill pay, but I took screen shots of each page of the account before it was closed.
I do not believe, but don’t know for sure, if this would happen with a traditional bank. I had no trouble converting those to my name; a death certificate and a bunch of paperwork to sign at the branch took care of everything and left accounts as it. It was only the credit union for me that gave me trouble; of course, that is where the bill pay was! The credit union did say I had 6 months to change the account, which allowed me to get all the information before we closed it, but, they originally told me the bill pay would transfer over, it did not! It also took many visits and phone calls to change the name on the account, which by the way is still the same checking account number, as the left hand didn’t know what the right hand was doing. I left in tears at the first visit after 1 1/2 hours; it was just too much.
Thanks for the explanations. It will help folks with estate planning prep. (In our case, I am primary on credit union checking acct. Need to make my husband aware. We have a lot of setups with autopays, monthly direct feed from his/our Schwab account).
After my mother died, I learned that she had long ago put me as joint on her credit union accounts (including checking, though only her name appeared on her checks). I had assumed she meant I was a designated beneficiary. In theory I could have written the check to funeral home from that account, though I didn’t stop at the credit union until the next day. They did tell me that within 9(?) months I should open a new account with that money, associated with my SSN.
I also had NO idea. My SisIL’s executor opened a checking account in the name of the trust and was able to pay a lot thru that account. I don’t know where he got the funds to open that account— maybe her checking account at the time of her death.
I was the co-owner on my mother’s account. The bill pay (only one bill, the car insurance) was automatic, plus $5/month to each grandchild’s account at the same credit union, but they wouldn’t let me deposit any checks for her or written to the Estate of… That was annoying because we had a couple of little checks that basically were lost ($5, $44). I was having trouble transferring the car title, the insurance company wouldn’t let me change the insurance until the title was changed, so I just kept the autopay going out of that account. It sort of worked out perfectly because there was only about $200 left in the account when the insurance switched.
I don’t think it matters if it is a bank or credit union (laws are the same). I think it depends more on the individual institution and how it is managed. When my father died I think the credit union let my mother off easy on the transfers (they weren’t joint accounts) and just did them without much fuss.
I’m still waiting for the military spouse survivor benefit to come through and I’m thinking about Social Security. I need to give a lot more thought to SS.
In my mind, I’d thought I would take DH’s benefit at his high point — it didn’t occur to me that he won’t reach his high point. His peak benefit was determined by the date of his death. Objectively, I understand, but this messes with the numbers I was running in my head.
I need to run OpenSocialSecurity a few more times and it may be time for a call or an appointment with Social Security to make sure I understand my best timing.
I really don’t know how long I want to work — and maybe this number will help me decide!!
Remember that because your husband passed away, you can take his benefit now and let yours grow until you are 70. That might change the calculation.
It’s a hard decision.
A family member decided to take her late husband’s social security and retire at 60.5. She hasn’t regretted it for a second. She does have retiree healthcare through her former employer.
@Mom22039 I would suggest going ahead and getting husband’s SS now; you have nothing to lose, I don’t think unless yours will be higher if you wait. I have found the SS people to be very helpful, so start with the phone call, and they may schedule an in person appointment for you if needed. Once you have the amount due to you now, or if you wait, hopefully you can make your decision.
When I did my husband’s back in December, I took a stack of papers in the event SS needed it. They only wanted the death certificate and I was approved on the spot. It was so painless, I was surprised.
When you call SS, there usually is an option for a call back; this is so you don’t have to sit on hold for over an hour. I just find a day and time that I can take the call when it comes in, and go from there. I would assume there is a SS office not far from you, and at least here, I was called back within 10 minutes of my appointment time.
If you know what you will receive from the military, I guess once you know what you will receive from SS, if you take it now, you can decide what to do.
Something I read has stuck with me so I’ll pass it along to you.
When working with SS, go in person. They answer the question you ask, and in person there is more room for follow-up. People confuse the phrases “survivor benefit” and “spousal benefit.” If people on the phone ask about survivor benefit that’s what the person answers about, even if you meant spousal benefit.
@Youdon_tsay I agree, going in person is the best option. I may be mistaken, but I am pretty sure you need a phone appointment first before an in person appointment. Mine was a 3 step process-First was the initial phone call by me, then I had a scheduled phone interview, followed up by an in person visit.
I have had to drop off paperwork with there was an appeal of money SS felt I needed to pay back. My SS location has a drop box inside where I left my documents in a sealed envelope. No way I was mailing all that when I could drop it in person. Turns out SS was correct as they had refunded me one month too many for my Medicare premium; I just kept getting money deposited to my checking account with no knowledge what it was for! I was happy to accept all monies! I have requested a document showing what was paid and for what so I would know.
SS will definitely claw back any overpayments. You receive payments for the previous month, but the recipient has to live for the entire month to ‘earn’ that payment. So if a person died in May and is paid in June, that amount will have to be returned. If you notify the bank that receives the payments is notified, those will be returned by the bank.
When I took my mother to SS (that was before covid, so not sure we needed an appt), they had already received the death certificate from the funeral guy (he was very good) but then they said they wanted a marriage certificate. My mother absolutedly panicked saying she never had one. The SS person was so nice and said that they already had her marriage on file because she had collected under my father’s SS earlier, but then at some point went to collecting under her own, and now would get more collecting under his again. Anyway, it was easy.
I really found the SS people to be very nice and understood the variations on collecting under her earnings or his. They are dealing with people who are likely grieving, who have a few options for different amounts, but just keep calm.
If you opt for a call back, make sure any spam filter doesn’t block the call. That happened to me, and even though I called back and got through within 5 minutes, I had lost my appointment, and had to wait another 6 weeks for a new appointment time.
Maybe it’s different, but whenever I need help from SS for my son, I go to the SSA office in his town, pick a number, and wait my turn. I have always gotten better service that way. I don’t call ahead to see if it’s OK, I just go. They haven’t turned me away yet.
I used Maximize My Social Security for DH and I to figure out what to take and when. (I’m not a widow, but things were a little complicated.) It was very helpful and we changed our plans because of it.
My nieces want to somehow observe the 1st anniversary of my father’s death next month, and I’m not sure if I want to, and if I do, no idea how. His birthday and death are 1 week apart; there’s Father’s Day this month plus Mom’s first anniversary in 67 years without him (and she is currently hospitalized herself) i think I’d rather observe his bday. what have others done? I am so ambivalent.
It also took many visits and phone calls to change the name on the account, which by the way is still the same checking account number, as the left hand didn’t know what the right hand was doing. I left in tears at the first visit after 1 1/2 hours; it was just too much.