Loss of a Loved One

A guide for managing your loved one’s financial accounts

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When a loved one passes away, it can be difficult to manage finances effectively. This is a heavy task in an already difficult time, and we are here to help with common questions and answers around the process of handling your loved one’s financial accounts. 

Where do I start?

Whether you visit a Credit Union of Colorado branch or reach out online, please notify us as soon as possible after the passing of your loved one. While you may not need all the documents immediately, please be prepared to provide the following information when it’s available to you:

  • Name of loved one
  • Copy of Death Certificate
  • Name(s), address(es), phone number(s) of individual(s) who will be the main point of contact if the estate is individually held 
  • Valid US Government Issued ID

Once we have received the death certificate, please contact our Member Services team at 800-444-4816 and they will support you in the process. Based on your individual circumstances, we may need the additional documents listed:  

Personal Representative Documents

Personal Representative Documents are legal papers that give someone the authority to handle a deceased person’s financial affairs. These documents, such as court-issued Letters of Testamentary, prove that a person has the legal right to manage accounts, pay debts, and distribute assets. If you're responsible for settling a loved one’s finances, these documents will help ensure everything is handled properly.

Collection of Personal Property Affidavit (DR-JDF999)

A Collection of Personal Property Affidavit (DR-JDF999) is a legal document that allows a person to claim a deceased individual's assets without going through probate, as long as the total value of the estate falls within state limits. This affidavit is often used to collect things like bank accounts, vehicles, or other personal property. It’s a simple way to settle a loved one’s small estate quickly and efficiently.

Payable by Death (POD) or Beneficiary Documents

Payable on Death (POD) or beneficiary documents allow account holders to designate someone who will receive the funds in their account when they pass away. This helps ensure a smooth transfer of money without the need for probate. The named beneficiary simply provides the necessary documentation, such as a death certificate, to claim the funds. It’s an easy way to plan ahead and make things simpler for loved ones.

loss of a loved one financial checklist

Need more help navigating this process?

Credit Union of Colorado members can access free financial counseling services through GreenPath(TM) financial wellness. Their counselors can help you create a budget, manage debt, and protect your credit based on your new financial reality. Schedule an appointment today.

Keep track of important documents and stay informed with our helpful checklist.

NOTE: This checklist is for informational purposes only. Please speak with a qualified attorney or tax advisor for assistance with additional actions you may need to take based on your specific situation.

Download Checklist

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