MANILA - Some of us have experienced the death of a family member or even our partner. Unfortunately, the reality is that the pain and uncertainty that comes with the demise of a loved one does not end with burial, but continues way after, such as in dealing with assets left behind.

Dealing with the assets--usually money and properties--that have been left behind is a sad, but necessary step that will have to be done quickly in order to prevent possible penalties from delays. For instance, the Bureau of Internal Revenue has deadlines which heirs of the deceased need to comply with. Ignorance of the rules could prove costly.

Some families have discussed financial matters with their loved one prior to his or her demise, making things simple for everyone involved. However, many consider it taboo to discuss these matters when a loved one is still alive, leaving everyone in a quandary at the time of death.

Here are some tips to help you and your family get through this difficult time, and ensure that everyone is treated fairly:

1. Get a death certificate.

This is an important document that the family will need every step of the way, so it will be helpful to get several certified true copies for convenience. Among the institutions that will require this are the Social Security System, Bureau of Internal Revenue, banks and other financial institutions where the deceased held accounts.

2. Convene a family meeting.

Matters have to be sorted out, and roles need to be discussed so that no one feels left out, aggrieved, or worse, cheated by other surviving relatives. A family meeting will also let everyone share information pertaining to finances or matters relating to it.

3. Go through the assets and liabilities left behind by the deceased.

Assets include cash, money market placements, equities and bonds, shares in existing businesses, insurance plans, real estate, cars, jewelry, paintings, and other valuables. Liabilities include personal debt, credit cards dues, amortizations, and the like.

4. Gather records.

These would include the transfer certificate of titles for real estate, car registration for vehicles, bank certificates, passbooks, deeds of assignment, contracts to sell, declarations of trust, insurance policies, pension plans and other forms or documents showing a right, title, claim or interest in favor of the deceased. Know the value of these assets. For real estate, get the zonal valuation of the property. For shares of stock, these would be based on the price at the time of death.

5. Claim insurance.

If you have ascertained that the deceased has an insurance plan, file the insurance claim. Check out the insurance company’s website for the requirements, which will typically consist of personal documents, and have these ready. Payment will be made to beneficiaries named by the deceased.

6. Claim pension payments.

Submit needed documents so that the beneficiary of the deceased can claim pension payments. In most instances, pension payments are made to the surviving spouse or to minor children. Make sure to read and understand the terms of the pension payments.

7. Get the clearances to access bank accounts.

When a person passes away, his bank accounts are frozen, and survivors will not be able to access these pending the submission of documents, such as tax clearances. These documents are also needed to open the safety deposit box of the deceased.

8. Pay off all outstanding debt.

Look at whatever debt the deceased may have left behind, and settle these. This would include personal debt from family and friends. If you have no information on what these debts are, your clue will be the statements of account, promissory notes, and other documents that have been left behind.

9. Divide remaining funds and assets.

Once debt has been settled and payments done, it is time to divide whatever the deceased has left behind. If the deceased did not leave a will, but the amount involved is not large, heirs can agree to just divide the proceeds in a manner that they see equitable. Communication and transparency among family members are key.

10. Consult the professionals.

For those with large estates, get the services of an accountant and a lawyer to take the heirs through the process, whether the family opts for an extra-judicial settlement, or to take matters to the courts. In an extra-judicial settlement, documents have to be notarized and published before taxes are paid. After this, titles can be transferred in the name of the heirs. A lawyer is also needed when surviving family members cannot agree among themselves on how to dividing the remaining assets of the deceased.

The death of a loved one is a difficult time, but the pain can be exacerbated when those left behind find themselves dealing with the distribution and claiming of assets of the deceased. There is no way to prepare for death but settling the estate of a family member or loved one is a crucial step that those who left behind would have to deal with and live with, however it is resolved.

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Grow Your Money is an editorial partnership between news.abs-cbn.com and Citi Philippines to promote financial education and provide helpful information to Filipinos on how to better manage their personal finances.

Visit www.citibank.com.ph for more information.