Here's what happens to Social Security payments when you die.
Depending on your relationship to the deceased, you may be entitled to benefits for survivors.
Using someone else's benefits after they die is a federal crime, whether the death was reported or not.If you're handling the financial affairs for an older person who has died, you may wonder how the government knows to stop sending Social Security payments.Although Social Security rules can be complicated, the bottom line is that a person's benefits end at death. And for survivors, whether you qualify depends on several factors.
"The person serving as executor [of the estate] or the surviving spouse can also call Social Security," said certified financial planner Peggy Sherman, a lead advisor at Briaud Financial Advisors in College Station, Texas.When payments stop"Any benefit that's paid after the month of the person's death needs to be refunded," Sherman said.
With Social Security, each payment received represents the previous month's benefits. So if a person dies in August, the check for that month — which would be paid in September — would need to be returned if received.
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