Financial Checklist for Widow(er)s

Most Importantly, Take Some Time for Yourself

Your financial future is important, but your own health and wellbeing should be the primary focus after losing your spouse. It is far too easy to put your needs on the back burner in favor of supporting family and making decisions – but this can lead you down a path that won’t serve you in the long run.

Instead, take time to evaluate the changes to your life, and delay life-altering decisions like moving, switching jobs, or drastically changing your financial plan for at least six months. These decisions can wait unless they are necessary for your well-being.

During this time, seek support from loved ones, groups of people in similar situations, or qualified professionals. A strong support network along with active self-care are vital to combatting isolation and preparing to move forward. However, it can also be critical to set healthy boundaries with loved ones. Their intentions are often pure, but it is okay to say no in order to protect your peace.

Collect Death Certificates and Legal Documents

When you are ready to tackle financial tasks, there are several documents that you will need to collect to understand what your spouse owned and facilitate transfer into your name. Start with ordering 5 – 10 certified copies of the death certificate. These will be required for many tasks including moving certain assets into your name. You can typically get certified copies through the funeral home or the vital statistics office in the state in which your spouse passed.

Then, locate a copy of your spouse’s last will and testament. If you don’t have a copy, the attorney who drafted it should be able to provide one.

Finally, collect all legal documents that prove your spouse’s ownership of property, legal settlements, and debts. Some of the most common documents include:

• insurance policies.
• account statements for assets and debts.
• trust documents.
• property deeds.
• car titles.
• divorce settlements.
• child support orders from previous marriages.
• prenuptial agreements.
• military discharge papers.

These documents will help you take stock of what your spouse owned and will provide a blueprint of companies you must contact.

Contact Relevant Government Offices and Employers

If your spouse was still working when they passed, contact their employer promptly. As you do, ask about retirement benefits and life insurance to which your spouse may have been entitled and add any relevant plans to your list of ownership documentation.

Next, contact insurance companies. If your spouse had life insurance, learn the steps you need to take to claim benefits. You should also contact other types of insurers to transfer policies into your own name or cancel coverage. Some common types of insurers you may need to contact are auto, homeowners, and health insurance companies.

Finally, contact any government offices that may be applicable to your situation. If your spouse was a veteran, contact the Veterans Administration to learn if you are entitled to survivor compensation or assistance with burial costs.

Another government office that you will likely need to contact is the Social Security Administration [SSA]. The funeral home you worked with may make this call on your behalf, but if they don’t, notify the SSA of your spouse’s passing as soon as possible by phone or visiting your local Social Security office.

SSA agents will help you determine if you are entitled to a one-time death benefit or ongoing survivor benefits. They will also handle many tasks related to your spouse’s Medicare coverage. Additionally, the SSA will let you know if you need to return your spouse’s benefit check for the month they passed and the prior month, depending on the date of death.

Retitle Assets and Debts

Once you receive the certified copies of the death certificate, you can begin to transfer assets into your own name. Review the list of assets you made and begin contacting the appropriate companies.

You will need to contact your bank, brokerage firms, and retirement account administrators to transfer your spouse’s cash and investments into your own name. If these accounts are held jointly, you may be able to access the funds immediately but check with the financial institution to learn their individual policies.

While transferring accounts into your own name is often a wise decision, keep one joint checking account open for the time being. This account can be used during the probate process and to cash rebate checks along with other payments in your spouse’s name.

For real assets, you will need to contact the appropriate government office to transfer ownership into your own name – such as the Department of Motor Vehicles for transferring car titles. Your attorney will be able to guide you through this process since it depends on the type of property and ownership.

Debts in your spouse’s name are often paid by their estate, but there are some cases in which you could be responsible for paying them – such as jointly held loans. If any of these debts exist, contact the lender to learn the process of adjusting them.

Update Your Budget, Financial Plan, and Estate Plan

Your income could be significantly less after your spouse’s passing due to loss of their wages or Social Security benefits. You will need to adjust your budget to account for this lower monthly income.

If your spouse handled the finances for your family, you will likely need to assume these responsibilities. Start by making a list of bills – including subscriptions – and how to pay them.

Along with your monthly budget, you will need to update your financial plan. This means working with an experienced financial advisor to re-evaluate your investments, tolerance for risk, and income needs.

If your spouse was your primary beneficiary, it is also wise to update your estate plan. To do this, decide how you would like your assets to be divided upon your death, and work with a trusted attorney to update your last will and testament. Additionally, your financial advisor can help you update beneficiary designations on your investment and retirement accounts.

Manage Your Financial Responsibilities as A Widow(er) With Brookstone

At Brookstone Wealth Management, we partner with clients to guide them through the loss of a spouse and other life challenges. Our compassionate team can help you adjust your financial goals, update your financial plan, invest life insurance proceeds, and even provide guidance when modifying your estate plan.

We start the process with our easy to understand wealth management plan called Financial Fingerprint®. This nimble plan adjusts as your life and circumstances change to keep you on the path to financial success. Then, we support you through every step of your financial journey. That’s why we call our comprehensive approach Financial Navigation Made Simple.

To learn more about Financial Fingerprint® and get started, contact us today.