About 10 days ago my wife and I got a call from her best friend that her husband suddenly passed away that morning. Still not entirely sure what happened but I believe it was a heart attack. We had become good friends over the years and this has been incredibly tough for my wife and I to deal with, not to mention his wife (who has done about as well as anyone could have hoped for).
As her husband handled the finances I am trying to help her get on her feet and get everything squared away. Below is a list of stuff I am helping on and would love any insight from my RRS family!
1. His 401k - getting her to set up a spousal IRA to transfer his 401k into. Is this the right approach?
2. Car lease - they have a 2 year car lease that she is a cosignor on. I assume the debt is now hers, but has anyone been luckily in canceling a lease upon the death of the primary loan holder?
3. They have a low mortgage rate and she can continue to pay it, so I’m thinking the best here is to not mess with the loan. However, can we get the title moved to her name without messing with the mortgage?
4. I assume you want to remove him from all bank accounts? Not sure it matters but would love any insight
5. Anything else yall have tips on would be super helpful as I’ve never dealt with this but want to make sure she’s taken care of
As her husband handled the finances I am trying to help her get on her feet and get everything squared away. Below is a list of stuff I am helping on and would love any insight from my RRS family!
1. His 401k - getting her to set up a spousal IRA to transfer his 401k into. Is this the right approach?
2. Car lease - they have a 2 year car lease that she is a cosignor on. I assume the debt is now hers, but has anyone been luckily in canceling a lease upon the death of the primary loan holder?
3. They have a low mortgage rate and she can continue to pay it, so I’m thinking the best here is to not mess with the loan. However, can we get the title moved to her name without messing with the mortgage?
4. I assume you want to remove him from all bank accounts? Not sure it matters but would love any insight
5. Anything else yall have tips on would be super helpful as I’ve never dealt with this but want to make sure she’s taken care of
