You will need to fund the estate account with all of the deceased person's accounts. You will want to add all of the funds besides "payable on death" and joint tenancy accounts to the estate account.
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Medicaid collects “estate recovery” after the person passes away to “pay back” the costs paid out. This means that you won’t get any remaining assets of the deceased.
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Which debts the estate needs to pay, and in which order, depend on the state and whether the estate has more money than is owed or not. You are likely not personally liable.
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Usually, funeral home bills are the second thing that you are required to pay from the estate. If there isn't enough money, the funeral home may make you agree to pay it yourself.
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Usually, medical bills are the first that you are required to pay. We know this can be really frustrating.
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You need to pay out and close any existing credit cards the deceased person had. This can also cancel existing subscriptions, so double-check that you want to cancel these first.
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If the deceased person had a pension, survivors may be entitled to monthly or lump sum payments. The plan may also make a payment if the death occurred before the deceased drew from their pension.
Read MoreCollect life insurance or annuity benefits if the deceased person had a policy. This may be a benefit that goes the estate or to an individual beneficiary.
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An Estate account is a new account opened after someone has passed away. The Executor can deposit all of the deceased person's money, pay debts and bills, and then ultimately distribute the money to the beneficiaries. Even if you have joint accounts with the deceased person, you will likely still want to do this to avoid risking mixing your personal money with the estate’s money, to make sure that there are no issues getting tax refunds and death benefits, and to reduce the risk of family conflict
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Instructions on how to proceed.
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