A loved one suddenly becomes incapacitated. They are unable to work and, all of sudden, the stream of income halts. If your loved one had all of their bills scheduled for auto-pay, this can create a serious financial issue with checking or savings accounts being overdrawn, thereby incurring penalties, if the auto-pay settings are not adjusted quickly.
This issue is becoming more prevalent. Many banks offer automated bill payments options. As a result, many people have set up online accounts for the seamless payment of common household bills. Paperless billing options can streamline and simplify those recurring expenses. However, it is important to analyze and plan for how these payments and notifications are sent in the event of a loved one suddenly passing away.