Navigate what’s next when a loved one passes.
Finances after death
We’ll lay out your options and explain what to do if you’ve inherited a TIAA account.
Losing a loved one can be one of life’s toughest moments. Here's how we can help.
Immediate actions
Gather as many of these documents as you can.
You may have to search for some of them. Check file cabinets, desks, offices and even odd places—such as kitchen drawers, closet shelves and cartons tucked away in the garage. While you're searching, avoid throwing anything away. You can’t be sure which documents might be important later.
Death certificate
You need a copy of the death certificate to claim benefits or retitle property, so you may want 10-12 copies. You can get them from your funeral director or the county health department.
Insurance policies
If you can’t find these, call your loved one’s life insurance agent or contact the insurance company directly.
Marriage license
If your spouse has passed away, you’ll need this to apply for certain benefits. Usually, you can get copies from the county clerk where the certificate was issued.
Children’s birth certificates
If the deceased had dependent children, you’ll need their birth certificates. Copies are available from the state or county where the child was born.
Account information
If you’re responsible for any of the deceased’s accounts, have the account number(s) on hand, in addition to any passwords or key-phrases, if possible.
Social Security information
Be sure to have your Social Security Number along with the Social Security Numbers of the deceased, their spouse (if not you) and any children.
Then, notify the people and companies that manage your loved one’s funds.
This helps protect their account(s) and allows you to begin distributing their assets as they intended.
One of those companies may be TIAA. If you need to notify our team, we’re available weekdays, 8 a.m.–7 p.m. (ET ) at 888-380-6428.
The first year
You don’t need to do everything at once.
When you’re grieving or feeling emotionally off balance, it’s natural to feel overwhelmed by practical matters. The good thing is that you can take things one step at a time. Focus on what needs to be done right away today, then tomorrow, and then the day after. Before long, the list of things to do will look more manageable.
A guide for the first year.
During the first month
Decide if you want to work with an attorney or prefer to navigate yourself. A good attorney can usually help guide you through anything that comes up more easily than you may be able to alone.
The will
If the deceased had a will, it needs to go through probate—a legal process ensuring the will is valid—before heirs can receive an inheritance.
If there’s no will
If there’s no will, state laws determine what happens next. You can apply to be the administrator to oversee this process.
Applying for benefits
You may be eligible for survivor benefits, such as a pension, veterans’ benefits, Social Security or other employee benefits.
During the first few months
Update ownership of your loved one’s accounts and property to be sure you have access to important information, including any debt.
The house
If you owned a house with the deceased and there is a mortgage outstanding, you’re now responsible for that debt.
Credit cards
The deceased's credit card balances need to be paid off, usually by the executor, spouse or someone who shared the account.
Bank accounts and investments
Joint bank accounts and shared investment accounts often go directly to a spouse without needing to go through probate.
In months three to six
You may need to file several different tax returns. Consider working with an accountant, who can help you understand how to use tax laws to your advantage.
Income taxes
For the year in which the death occurs, the deceased’s income taxes will be due on the normal filing date in the next year.
Federal estate taxes
You may need to file federal estate or inheritance taxes, which are due within nine months of the date of death.
State taxes
About one-third of states have their own estate or inheritance tax. An estate could be exempt from federal taxes but may still owe taxes to the state.
By month nine
Usually just a few details are outstanding by the ninth month following a death.
Distributing assets
Typically, assets will be distributed to the beneficiaries when the estate is closed.
Your will
In your own will, you may have left property to the deceased. If so, be sure to update it.
Every situation is unique
For more detailed guidance you may want to seek legal or other professional advice.
Inherited retirement accounts
If you’ve inherited a retirement account, you will eventually have to start taking withdrawals.
Many retirement accounts, including 401(k), 403(b) and IRAs, allow you to save money that hasn’t been taxed yet. The IRS requires you to withdraw this money by a certain age so it can be taxed. These mandated withdrawals are called “required minimum distributions” (RMDs).
When you inherit a retirement account, these rules still apply. The withdrawals are treated as income—and taxed accordingly.
If you’ve inherited a TIAA retirement account, we can help figure out what to do. Our consultants handle situations like yours every day and can help you make informed decisions.
Dive deeper: Learn more about inheriting a retirement account.
If you’re feeling overwhelmed, a financial professional can help.
A financial professional can help you:
- Maximize the potential benefits of an inheritance.
- Review your budget and the long-term impact of an inheritance on your retirement plan.
- Reconsider your financial objectives following a loss.
Our financial experts are ready to dive in whenever you need us. Schedule an appointment with us and we’ll chart out your next steps together.
Moving forward
Navigate this challenge with support.
Whether you need budgeting guidance, a retirement plan, or just have questions on how much you should save, our team can help.
Beneficiary support services
At times like these, specialized help goes a long way. Reach us at 888-380-6428, weekdays, 8 a.m.–7 p.m. (ET).
Notify us of a death
You can notify us online or call us at 888-380-6428, weekdays, 8 a.m. – 7 p.m.
Get advice
Meet with a TIAA consultant. Schedule a meeting online or reach us at 855-728-8422 weekdays, 8 a.m.–7 p.m. (ET).
Financial consultants provide advice and education using an advice methodology from an independent third-party.
This material is for informational or educational purposes only and is not fiduciary investment advice, or a securities, investment strategy, or insurance product recommendation. This material does not consider an individual’s own objectives or circumstances which should be the basis of any investment decision.