Life and bills go on, which anyone who loses a spouse quickly discovers. You may be emotionally gutted, but the electric still needs to be paid. There are also plenty of documents you’ll need to collect, forms to fill out and numbers to call, all at a time when finances may be the last thing on your mind.
If you have lost a spouse, consider this financial checklist.
Financial Checklist for When a Spouse Dies
- If your partner left a will, find it.
- Ask your spouse’s employer about any benefits you might be entitled to.
- Request copies of the death certificate.
- Contact your insurance companies and update them as needed.
- Contact the Social Security Administration, or give your spouse’s Social Security number to the funeral home and ask them to do it. That is what usually happens, according to the Social Security Administration. You also may be entitled to Social Security survivor benefits.
- Update property titles in your name.
- Update bank, investment and credit accounts.
- To prevent identity theft, you may want to contact the three major credit bureaus and alert them to your spouse’s death.
- Contact any financial professional, such as a financial advisor or tax preparer, that you work with. They can let you know about any additional tasks.
- If you have a child in college, notify the financial aid office. Your child could qualify for more financial assistance.
- Eventually you’ll want to close your spouse’s email accounts, and you may want to delete or memorialize his or her social media accounts.
Beyond the checklist, here are some things you may want to do in the event that your spouse dies.
Pull Out Your Estate Plan
If you have an estate plan, you’ll want to retrieve it, whether from your computer or in a filing cabinet.
“If a proper estate plan existed, there should be little to no work for the surviving spouse other than notifying financial institutions of the spouse’s passing,” says Claudia Cobreiro, founder of Cobreiro Law, a legal firm in Miami that handles probate matters, among other things.
If there is no estate plan, Cobreiro suggests working with a probate attorney, who "can help analyze who is entitled to what if there is no will,” Cobreiro says.
That said, there’s no need to rush this process, says Patrick Simasko, an elder law attorney and financial advisor at Simasko Law in Mount Clemens, Michigan.
“After a spouse passes away, timing is actually not that important,” he says. “While you might find financial professionals are stressing to meet with you to discuss finances, it’s likely they just want to ensure (they're) going to get or keep your business.”
Gather Paperwork
According to Tyler Meyer, a certified financial planner and founder of QED Wealth Solutions, a retirement planning firm in Kingman, Kansas, the paperwork you’ll probably want to gather includes:
- A will.
- A trust.
- A prenuptial agreement.
- Bank account information.
- Investment information.
- Debt information.
You’ll also need a death certificate, and preferably more than one. “These documents will prove crucial for various financial matters in the days to come,” Meyer says.
Assemble a Team
You’re probably going to need help as you sift through paperwork, update checking accounts, contact credit bureaus and access benefits.
You may want to enlist family members like adult children to help you out. But if you have a complicated financial portfolio, you'll want to work with an estate planning attorney, says Robert Mascia, a certified family business specialist and the CEO and founder of Green Ridge Wealth Planning in Montville, New Jersey.
“Not your corporate attorney, nor your real estate attorney, nor your general attorney,” he adds. “Someone who specializes in estate planning,” he adds.
Mascia also recommends working with a financial advisor and your insurance agent if you have life insurance. Financial professionals, who are well-versed in these issues, will know what you should be doing to protect your assets.
“It’s a worthwhile investment,” Mascia says, adding that it may cost you anywhere from 1% to 5% of the total cost of the estate, depending on its size, to hire the right people.
Change Your Beneficiaries
If your spouse was listed as a beneficiary of a life insurance policy or your retirement accounts, you'll want to make new designations.
“You should also take a fresh look at your medical and financial powers of attorney documents,” Simasko says. “You’ll want to make sure to remove your spouse, if they were listed, and name someone whom you trust to make these decisions should you become incapacitated.”
Examine Your Budget
You’re likely spending less money now, which could help your budget, but your household is likely bringing in less.
If you aren’t already doing so, “it may be a good time to look at taking distributions from your own retirement accounts with your income likely considerably less,” Simasko says.
Above all, Simasko says, you shouldn’t make any major financial decisions while you’re grieving. Some bills may not be able to wait, but the bigger monetary decisions usually can. You’ll need a clear head for any decision that will have a big impact on your financial future.
