Death is inevitable and the only certainty in life. It can come at an unexpected time. Sometimes, to handle finances can become a tedious task, especially if the husband has expired.
A) On the death of the husband the wife should collect all relevant financial documents including:
1) Life Insurance Policy
2) Bank Statements
3) Cheque Book
4) Income Tax Returns
5) Insurance Certificates etc., of the deceased husband
B) Visit your Chartered Accountant, Bankers and Lawyers
If your husband has been regularly getting his work done through a lawyer or a Chartered Accountant, you can approach them for services and get an exact account of balances and other details.
C) The WILL
In case there is a WILL involved its best to probate WILL, if you are the executor. Your lawyer maybe able to help you in this regard.
D) Approach the Life Insurance Policy
Approach the life insurance company if your husband has taken a life insurance policy. You may need a doctors certificate and death certificate to claim the insurance amount. Contact your insurance company or the insurance agent to fill the claims form correctly.
E) Approach the Bank
Ensure that you visit the bank and inform them if your husband had fixed deposits and other balances in the bank. Close the bank account of the husband and transfer the amounts into your account. Check for nominations and other details. Also inform the bank in case here was a bank locker that your husband operated.
F) Visit Post Office
Do the above for post offices and other mutual funds savings as well. Shares have a different mechanism to follow and you may contact your depository participant for the purpose.
It's extremely important to collect the death certificate to ensure a hassle free transfer of bank deposits and other debt instruments as well as LIC. Ensure that you gather all the necessary records before you proceed to do any of the above.