Losing a spouse is one of the hardest things life can throw at you. It brings heartache, stress, and a mountain of tasks to handle- many of them financial. While grief should come first, there are important steps you’ll need to take sooner rather than later. Having a plan for financial planning after losing a spouse can help you stay grounded during this difficult time.
If you would like to visit with an experienced professional who has guided many families through this process, don’t hesitate to reach out. I would be honored to help you get started. Just follow this LINK to find a time for us to visit.
Here’s a simple, step-by-step guide to help you begin:
Step 1: Take Your Time, but Get Organized
You don’t have to rush, but it does help to get organized. Start by gathering key documents like:
- Your spouse’s Social Security number
- The death certificate (get at least 10 copies)
- Any legal papers showing you’re the executor of the estate
Also, make a list of all financial accounts- bank accounts, retirement plans, life insurance, credit cards, and loans.
Step 2: Call the Right Agencies
The funeral home may notify some government agencies, but here are the key ones to check:
- Social Security Administration (SSA): Call 1-800-772-1213 to report the death and ask about survivor benefits.
- Medicare and insurance: If your spouse had Medicare Part D or other health insurance plans, call the number on the card to cancel coverage.
- Department of Motor Vehicles: Cancel your spouse’s driver’s license to help prevent identity theft.
Step 3: Contact Financial Companies
You’ll need to provide a death certificate to each bank to update or transfer account ownership. For credit cards, call the company and ask to close the account.
Don’t forget to notify the three credit bureaus- Equifax, Experian, and TransUnion, so they can flag the account and prevent fraud. Check your spouse’s credit report about a month later to ensure no new accounts were opened.
Step 4: File Life Insurance Claims
If your spouse had life insurance, you’ll need the policy number and a death certificate to file a claim. The insurance company can walk you through the paperwork.
Step 5: Lean on Your Financial Team
If you have a financial advisor, now is the time to call them. If you don’t, this might be the right time to connect with an experienced Certified Financial Planner™ professional.
An experienced advisor can help you:
- Retitle accounts
- Check and update beneficiaries
- Review your cash flow and investments
- Provide a clear path forward
You’ll also want to reach out to:
- Your CPA or tax preparer
- Your estate planning attorney
- Your insurance agents
These professionals can help handle the financial details so you can focus on healing.
Step 6: Handle Other Accounts
If your spouse was still working, contact their employer about any remaining benefits, such as pensions or group life insurance.
Also, take time to close email, social media, and online accounts. This isn’t just about decluttering- it also helps prevent identity theft.
One Step at a Time
You don’t have to do it all in a day. This is a personal journey, and it’s okay to move at your own pace. But having a plan, and trusted professionals by your side, can bring peace during a painful time.
If you need someone to talk with, maybe it’s time for a visit with an experienced, caring financial planner. I’m here to help, always working in my clients’ best interests. Let’s talk when you’re ready. Just follow this LINK to set up a time.
I am a financial planner who is an advocate for my clients ALL THE TIME- a Fiduciary Financial Planner. I provide guidance based on clients’ best interests, not commissions or sales quotas. I think it’s the best way to serve clients and I am thrilled to work this way all the time.
And yes, I’m still taking on a few great families to be part of my financial planning practice in West Saint Paul, Minnesota and, thanks to Zoom, across the country.
Dunncreek Advisors does not provide legal or tax advice, nor is this article intended to do so.
FAQs About Financial Planning After Losing a Spouse
1. What should I do first after losing my spouse?
Focus on gathering key documents such as the death certificate, Social Security number, and estate paperwork. Then, notify important agencies like Social Security and insurance providers.
2. How soon should I meet with a financial advisor after my spouse passes away?
It’s best to connect with a financial advisor as soon as possible. An advisor can help you prioritize urgent tasks while giving you time to grieve without financial stress.
3. Do I need multiple copies of the death certificate?
Yes. Many institutions- including banks, insurance companies, and government agencies- require original copies. It’s wise to request at least 10 certified copies.
4. How do I protect against identity theft after my spouse’s death?
Cancel their driver’s license, close unused accounts, and notify the three credit bureaus so they can flag their credit file. Closing email and social media accounts also helps.
5. What financial benefits may I be eligible for after losing a spouse?
You may qualify for Social Security survivor benefits, pensions, or life insurance payouts. A financial advisor can help you understand and apply for these benefits.