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Managing Your Finances After the Loss of a Loved One

Here, you’ll learn everything you need to know about managing finances after losing a loved one. If this is an experience you’re facing, know that we’re here to help.

The Quicken Loans Zing Education Guide

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Managing Your Finances After the Loss of a Loved OneTABLE OF CONTENTS

Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3

Manage Funeral and Other Related Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4

Protect Your Home and Your Family . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5–7

Manage Your Bills . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8

Protect Your Credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9–10

Maximize Your Cash Flow . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10–11

Establish Your Own Credit Rating . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12

Plan for the Future . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13

Never Stop Learning: Count on Quicken Loans for Life . . . . . . . . . . . . . . . . . . . . . . . . 13

Contacts to Keep Handy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14

Quicken Loans Financial Checklist . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15–17

Quick Tips . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .18

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IntroductionManaging a loved one’s finances after death can be a difficult task. We understand, and we’re here to help.

Quicken Loans has been helping families through financial challenges for more than 29 years. We’re here to inform you about the financial resources you may need to get through this difficult time.

Keep in mind, this guide isn’t meant to replace the valuable advice of a tax expert or a financial advisor. Please consult these professionals before making financial decisions.

This Guide Can Help You…• Manage funeral and other related expenses

• Protect your home and family

• Protect your credit rating

• Maximize your cash flow

• Establish your own credit rating

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Manage Funeral ExpensesMany families are unprepared when the time comes to make final arrangements for their loved ones. Choosing funeral arrangements can be a difficult and costly process. The following information is intended to help you explore your options so you can make the

best choices for your situation.

Find Out if You’re Eligible for Assistance with Funeral Costs Contact the Social Security Administration, the Department of Veterans Affairs or your state’s health and human services department. Every little bit can help make funeral arrangements more affordable for you.

Set a BudgetYour budget should be based on the funds you have available from the resources mentioned above, life insurance or the estate. Prices for caskets and services vary greatly, so be prepared to shop around. (Don’t be afraid to accept help from close friends or family members.) Viewing, funeral ceremonies and a typical casket can cost $5,000 or more, excluding charges for a burial plot and fees a cleric may charge. Less expensive options include a graveside-only service or cremation, which can cost between $1,000 and $2,000. Plus, expect additional expenses, which can include travel accommodations, child and elder care, attorney fees and catering.

Look into Payment PlansContact funeral homes in your area to ask about payment plans.

Request an Itemized Price ListAsk for an itemized price list (required by federal law), and make sure you understand everything it includes.

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Your Home Equity: A Valuable and Useful AssetConsider the equity in your home as a possible source of funds for covering some of these unexpected expenses. If this makes sense in your situation, a Quicken Loans Home Loan Expert can help you decide what type of loan you need and how much you can borrow.

Paperwork fees can quickly add up as well. If your loved one had life insurance, you can cover some of these expenses when the payment comes. If you’re covering expenses out of your pocket, be sure to keep your receipts, and, if possible, get reimbursed from the estate.

Consider that lost income is another financial factor. Because your loved one will no longer receive a paycheck or social security payments, your total financial picture may change. Also, depending on your own employer’s policy, you may lose income if you take an extended leave from work.

Protect Yourself from ScamsUnfortunately, survivors are sometimes preyed upon by con artists. They obtain names from obituaries and send fake bills in the name of either the deceased or the survivor, hoping the bill will be paid out of confusion. If you receive an unfamiliar bill, contact the creditors to ask for a detailed explanation of the charges.

Protect Your Home and Your FamilyIn times of grief, people tend to put aside their financial demands at home. If there is a lot on your plate, it may be a good opportunity to accept the help of close friends or family. It’s important to protect your home and family at this transitional time.

Be PreparedObtain Copies of the Death CertificateYou’ll need about 10 original copies of the death certificate to manage most of your loved one’s financial affairs. If you’re the next of kin or the estate executor, you can get the death certificate from the courthouse in person or by mail.

Find Financial RecordsLocate all of your loved one’s bills and financial records. If this is difficult, try to locate payment stubs or a check register to get started. Last year’s tax return is another good place to find information regarding bank accounts, retirement accounts and other assets. Call the companies listed on the tax return for further information.

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Make a List of Your BillsIt’s a good idea to make a list of company names, debt amounts and payment schedules. We’ve included a checklist at the end of this guide to help you get started and track your progress.

Accounts to Consider• Credit cards

• Utilities

• Bank accounts

• Mortgage

• Home equity loans

• Auto loans

Joint AccountsConsult your tax advisor regarding how to proceed with existing joint accounts. This could protect you against blemishes on your credit score, or even from fraud.

Know Which Debts Are YoursUnfortunately, when some people are grieving, they accidentally pay bills they don’t actually owe. That’s why you should have as much information as possible to protect yourself. It’s best to go over all of your loved one’s debts with a trusted financial advisor to find out which debts you’re responsible for repaying.

A Helpful ToolQuizzle.com is a powerful online tool that helps you sort out your home finances. And Quizzle does it all without ever asking for your Social Security number. At Quizzle.com, you’ll get everything you need, including a personalized budget and advice to help manage your finances in the future.

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Manage Life Insurance, Pension Plans and Retirement Funds

If your loved one was still working, meet with the human resources manager at his or her place of employment as soon as possible to find out about any funds to which you may be entitled.

Plan carefully when managing the funds you receive. You may face the decision to pay off your existing mortgage or to keep your money in liquid investments. Check your mortgage documents carefully to see if you face a penalty for paying off your loan early. Quicken Loans never charges pre-payment penalties, but many lenders do.

Work with a financial planner to avoid making choices that could prove costly. Some people find a financial planner through a friend or family member’s referral. However, if you prefer to find your own financial planner and need assistance, contact the Financial Planning Association by visiting FPAnet.org or by calling (800) 322-4237.

Find Out if You Owe Estate TaxesMany people don’t have to pay estate taxes, but this is something only your tax advisor can tell you.

Consult with ExpertsLife insurance benefits, investments, retirement accounts and income from the sale of your home can have major tax, estate and investment consequences. Consult an expert who can help you avoid making rushed, and potentially costly, decisions. Again, contact the Financial Planning Association with questions.

Mortgage and credit issues require special financial expertise. Quicken Loans Home Loan Experts have experience, knowledge and more than 100 mortgage programs to fit your individual situation and help you successfully handle these difficult issues.

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Pay Your BillsDuring this time, your mortgage payment is likely the last thing on your mind. While every mortgage provider has a different policy, some may be accommodating should you send a late payment during this time of grief. An important step to take is to contact your mortgage company to let them know your situation. If you’re a Quicken Loans client, our client care specialists can help you when you call (800) 863-4332.

Protect your home and credit score by paying important bills in a timely manner. If you find yourself with limited resources, determine your bills that take priority. Here’s a list of critical bills you may want to consider paying first to protect your family’s financial future. (Feel free to use the checklist at the end of this guide to keep track of your progress.)

Priority Bills That Need Immediate Attention• Mortgage or rent

• Real estate taxes

• Insurance

If you’re remiss in paying these debts, your life could get out of control very quickly. Consider refinancing your mortgage to lower your monthly payments. A Quicken Loans Home Loan Expert can show you loan programs that can better suit your budget.

Other Critical Bills That Need Attention• Health insurance

• Essential utilities

• Credit cards

• Car loans or leases

• Income taxes

Pay any taxes you owe that aren’t automatically deducted from your paycheck. Always file a federal income tax return, even if you can’t afford to pay the balance you owe. Consult your tax advisor on these matters to find out whether you should file as Head of Household.

You may be able to put the following payments on hold while your finances settle. Discuss these bills with your financial advisor:

• Student loans

• Attorney, doctor and hospital bills

• Debts for which you have a legal reason for non-payment

For more information, visit LawHelp.org. Then, select your state to be directed to free legal information and referrals.

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Protect Your CreditYour credit rating is vital to your ability to make almost any significant financial transaction. Landlords, mortgage lenders, banks, insurance companies and employers rely on your credit records to determine whether or not to do business with you.

Credit Cards and BillsYou might consider converting joint accounts to your name only. To protect your credit rating, be sure to pay any bills for which you’re responsible on time, using the guidelines we’ve listed for you in the “Protect Your Home” section.

Your HomeProtecting your status as a homeowner in this particularly vulnerable time is critical to your overall credit score. To make sure your status is secure, you’ll need to know the following things:

• Whose name is on the title and deed of the home? Contact your county assessor’s office for this information.

• Who is the lender on the mortgage? This information can be found on mortgage documents or payment coupons.

Consult your financial advisor about jointly held property. You may want to get the mortgage changed to your name only, or even refinance the mortgage to obtain needed funds. Quicken Loans can help you with that.

What if Bills Weren’t in Your Name?If your loved one had most or all of the bills in his or her name only, you’ll need to establish your own credit. Find out how in the “Establish Your Own Credit Rating” section.

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Guard Against Identity TheftUnfortunately, changing accounts can make you vulnerable to identity theft. When someone has access to your Social Security number, credit card numbers and other information, he or she can make unauthorized charges, obtain accounts or loans in your name, or commit tax fraud.

Quicken Loans offers a guide that teaches you how to protect your identity and your credit. Download the Zing Education Guide to Protecting Your Identity, or call us at (800) 979-4922 for a free copy.

Maximize Your Cash FlowThe death of a loved one can significantly change your financial status, especially if your loved one was employed and his or her earnings contributed to the household finances.

Create a BudgetMany people find it useful to make a list of monthly expenses and compare it to their adjusted monthly income. To get started, you’ll need to track all of your income and expenses for a month. Be sure to include all purchases – even the small ones. Write them down in a notebook or keep your receipts. Make a list of categories, and include how much you spend in each category for the month. Don’t forget to include money that you save each month to help you meet your future goals. Be realistic about your budget so that it’ll be easy for you to follow. When you add up all the expenses and compare the total to your income, you’ll be able to see what next steps you should take.

Again, Quizzle.com can be a helpful tool when budgets and bills seem overwhelming. Quizzle will create a budget for you, help monitor your credit report and make sure you’re in the best mortgage program for your situation. You’ll get all of your personalized information for free, without ever entering your Social Security number.

Reduce ExpensesYou might need to reduce or eliminate expenses if there’s a change in your household income. Look at various strategies, from small (turning off lights in unused rooms, for example) to major changes (switching to a more economical car). You might be surprised at how much you can save just by taking small steps.

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Control DebtWe understand that maintaining expenses within a new, smaller budget can be difficult. But it’s important not to take on more debt than you can manage. For example, in most cases, payday loans or loans from credit cards are not good ways to make required payments. Doing so can threaten your long-term financial health, as well as your ability to provide for your family.

Boost Your IncomeFinding new sources of income makes a big difference for many families. Consider taking on a second job or starting a side business. Find out if you’re eligible for temporary public benefits or tax breaks. Contact your local public assistance office for more information.

Consider a Loan if You Need to Bridge the GapYou might also consider refinancing your mortgage to use some of the equity in your home. A cash-out refinance can be useful for meeting large, one-time expenses. Monthly payments will likely be substantially lower than the sum of your other bills because you’ll be repaying the loan over a greater period of time – for as long as 30 years.

A Quicken Loans Home Loan Expert can help you determine whether this type of loan would be appropriate for you. Quicken Loans is the #1 online lender in the country, and we have a wide range of loan options, including those that don’t require you to document your income. Visit our website for information, including mortgage calculators and online chat opportunities with Home Loan Experts.

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Establish Your Own Credit RatingEstablishing your own credit rating is a positive step toward achieving financial stability. If your loved one had most or all of the bills in his or her name only, this is something you may want to consider as soon as possible.

Find Out Your Credit ScoreA key step to securing a financial future is to find out your credit score, the three-digit number lenders use to gauge your credit worthiness. To find yours, go to Quizzle.com. This site generates your credit score, and ways you can improve it, in moments. Your credit score and report will be there for you to monitor whenever you need them. Clear up any inaccuracies by contacting Experian at (888) 397-3742.

For complete information about your credit score and what it means to your financial health, download the Zing Education Guide to Managing Your Credit.

Repair Your Credit Score if NecessaryIf your credit score is not what you’d like it to be, there are many ways you can repair it. There are some basic things you can do:

• Pay your bills on time.

• Pay off debt, rather than moving it from credit card to credit card.

• Don’t open accounts you don’t need.

• Don’t max out your credit cards.

Build Your Credit ScoreIf you have yet to establish credit in your own name, begin building a credit score of your own. Here are a few ways to start:

• Open checking and savings accounts in your name.

• Apply for a credit card. You only need one or two, from a gas company and a department store, for example. Then make small purchases regularly and always pay your bills on time.

• A year or so after you have made faithful payments on a credit card, apply for an installment loan (i.e., an auto loan, personal loan or mortgage).

You can find more information about credit scores in the Zing Education Guide to Managing Your Credit.

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Plan for the FutureWhen faced with the death of a loved one, planning for the future is probably not on your mind. When you feel the time is right, take a longer-term view of your situation to ensure a solid financial future. At Quicken Loans, we want to help you have the financial resources you need to move forward.

Be Proactive with Financial Planning• Define your financial goals.

• Create a new financial plan for your needs. For help making a financial plan, contact the Financial Planning Association at FPAnet.org or (800) 322-4237.

• Explore your career or job options, including retirement.

• Re-examine your investments.

• Create an estate plan for yourself.

Consider using personal financial software to streamline banking, investing, taxes, financial planning, budgeting and more. Quicken Loans has a range of personal financial software products with different levels for different needs. Get more information by visiting QuickenLoans.com.

Never Stop Learning: Count on Quicken Loans for LifeYour Quicken Loans Home Loan Expert is not only here to help you manage your home financing today, but will also help you achieve your long-term goals. After all, life changes, and your mortgage should change with it.

As a service to our clients, we will keep you informed on industry trends and new home financing options after your closing. We’re always tracking current mortgage rates, and we’ll alert you if the market ever moves to benefit you in any way.

As an additional benefit, check out Quizzle.com, a site that’s dedicated to helping people protect, monitor and improve their credit. Quizzle is the only place that gives you a simple understanding of your home and your money, all in one spot. You’ll get a free credit report and score, home value estimation, mortgage recommendations, budget tools and much more! We’ll also provide you with important tips on how to make the most of your home and money – with no confusing financial jargon.

Any time you have questions regarding home financing, we encourage you to contact your Home Loan Expert. Quicken Loans will continue to give you the service you deserve for the life of your loan.

A referral is the best compliment. If you had a great experience with Quicken Loans, tell someone you know. We can proudly say that 95% of our clients* would refer us to their friends and family. We’d be glad if you would, too.

Quicken Loans is an Equal Housing Lender. Quicken Loans Inc. is a licensed mortgage lender. Arizona: Quicken Loans Inc., 16425 North Pima, Suite 200, Scottsdale, AZ 85260, Mortgage Banker License #BK-0902939; Arkansas: Quicken Loans Inc., 1050 Woodward Avenue, Detroit, MI 48226-1906, (888) 474-0404; California: Licensed by Department of Corporations, CA Residential Mortgage Lending Act; Colorado: Quicken Loans Inc., NMLS #3030, (888) 474-0404, Regulated by the Division of Real Estate; Georgia: Residential Mortgage Licensee (#11704) – 1050 Woodward Avenue, Detroit, MI 48226-1906; Illinois: Residential Mortgage Licensee #4127 – Department of Financial and Professional Regulation, 1050 Woodward Avenue, Detroit, MI 48226-1906; Maine: Quicken Loans Inc., Supervised Lender License NMLS #3030; Massachusetts: Quicken Loans Inc., Mortgage Lender License #ML-3030; Minnesota: not an offer for a rate lock agreement; Mississippi: Licensed by the Mississippi Department of Banking and Consumer Finance; Nevada: Quicken Loans, Inc. 8860 S. Maryland Parkway, Las Vegas, NV 89123, License #356738; New Hampshire: Licensed by the NH Banking Department, #6743MB; New Jersey: Licensed Mortgage Banker – NJ Department of Banking, first (and/or second) mortgages only; New York: Licensed Mortgage Banker – NYS Banking Department; Oregon: Quicken Loans Inc. – License # ML-1387; Pennsylvania: Licensed as a first Mortgage Banker by the Department of Banking and licensed pursuant to the Pennsylvania Secondary Mortgage Loan Act; Rhode Island: Licensed Lender; Texas: Quicken Loans Inc., 1050 Woodward Ave, Detroit, MI 48226; Virginia: Quicken Loans Inc., NMLS ID #3030 (www.nmlsconsumeraccess.org); Washington – Consumer Loan Company License CL-3030. Quicken Loans Nationwide Mortgage Licensing System #3030. Rates subject to change. Restrictions may apply. © 2014 Quicken Loans Inc., All rights reserved. Lending services provided by Quicken Loans Inc., a subsidiary of Rock Holdings Inc. “Quicken Loans” is a registered service mark of Intuit Inc., used under license. *Based upon a Quicken Loans market research questionnaire of clients whose loans closed between 7/1/2012 and 7/31/2013.

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Contacts to Keep HandyThe following is a list of the resources included in this guide.

LEGAL HELPThe American Bar Association ABAnet.org • (800) 285-2221 Click on “Public Resources” and then “Lawyer Referral Services”

LawHelp.org

FindLegalHelp.org

CREDIT BUREAUS AND INFORMATIONEquifax Equifax.com • (800) 685-1111

Experian Experian.com • (888) 397-3742

TransUnion TransUnion.com • (877) 322-8228

FINANCIAL PLANNERSThe American Bar Association ABAnet.org • (800) 285-2221 Click on “Public Resources” and then “Lawyer Referral Services”

Financial Planning Association FPAnet.org • (800) 322-4237

QUICKEN LOANSQuickenLoans.com

Quizzle.com

Zing Education Guide to Protecting Your Identity

Zing Education Guide to Managing Your Credit

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Quicken Loans Financial ChecklistUse this checklist to keep track of your progress as you make changes to various accounts. Keep it where you can refer to it often!

Example Phillips Dept. Store (800) 555-9000

Company NameJoint account closed, individual account opened 10/12

Phone

Status

CREDIT CARDS

Company Name Phone

Status

Company Name Phone

Status

Company Name Phone

Status

UTILITIES

Gas Company Phone

Status

Electric Company Phone

Status

Local Phone Company Phone

Status

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UTILITIES CONTINUED

Long Distance Provider Phone

Status

Cell Phone Provider Phone

Status

Cable Provider Phone

Status

Water Company Phone

Status

Garbage Phone

Status

INSURANCE

Life Insurance Phone

Status

Health Insurance Phone

Status

Auto Insurance Phone

Status

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BANK(S)

Savings Phone

Status

Checking Phone

Status

CDs, Money Markets Phone

Status

MORTGAGE LENDER

Phone

Status

AUTO LOAN LENDER

Phone

Status

LOVED ONE’S EMPLOYER’S HUMAN RESOURCES MANAGER

Name Phone

Status

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PENSION PLAN HOLDER

Phone

Status

401(K), STOCKS, INVESTMENTS

Phone

Status

Quick TipsDO: Give your emotions time to settle down before making major financial decisions.

Some experts recommend waiting a full year.

DON’T: Sell your home or change jobs right away.

DO: Take control of paying your bills right away in order to establish and maintain your good credit.

DO: Find alternate sources of income to pay off your debt, such as refinancing your mortgage.

DO: Ask for help from experienced legal and financial experts to keep your finances manageable while preserving your credit standing.