Identity theft is when someone uses a person's name and personal information to do things such as, but not limited to opening new accounts, getting into existing accounts, and taking out credit. Bills might show up that you weren't responsible, your credit score could be impacted, and thieves can access your assets.
Deceased identity theft (also called "ghosting") is a serious problem. Someone's credit score being impacted would not matter, but money could go missing and bills could be sent to your loved ones. For the most part, the estate will not be required to pay this back, but it could cause some issues.
In the US, deceased identity theft affects around 2.5 million deceased Americans every year, and $56 billion was lost to deceased identity theft in 2020.
Not only is this an administrative problem, but also an emotional one. Imagine getting a call 10 years after your loved one has passed away about a huge credit card bill. At that point, you've long been finished settling the estate, and are in a different part of your grief journey. It is important to protect yourself and your loved ones from this happening.
Explore your Cadence Executor Assistant account to complete activities that will protect your loved one's estate from identity theft.