What to Do When a Spouse Dies Checklist
Checklist: Steps to Take after Your Spouse Dies
Feeling overwhelmed? A checklist tin can assistance you figure out where to beginning and tasks you may be able to put off.
The death of your spouse is a menstruation of unimaginable grief. Unfortunately, there are many legal and financial obligations that volition not wait.
Tackling a to-do list at this fourth dimension is probably the last affair you want to exercise, so information technology is a good idea if yous tin can seek out the help and communication of a trusted family member, friend or adviser to sort things out and provide you lot with emotional guidance. Here is a checklist to assist guide you through the nearly important tasks you need to complete:
Don't brand whatever life-changing decisions.
Now is non the time to make whatever pregnant, fiscal decisions. While it is entirely reasonable to desire to sell a dwelling house or other property that reminds you of your spouse, look. For some, paying off the mortgage makes sense, while for others maybe not. (For more on that, please see Should a Widow Pay Off Her Mortgage?) Also, avoid making any additional investments or large purchases, specially if you were not actively involved in your family'southward finances earlier the death. Give yourself all the time you need to mourn starting time.
Asking certified copies of the death document.
You volition need certified copies of your spouse'due south death document to prove the passing of your spouse and to claim benefits or to switch over accounts into your name. Ask the funeral domicile for at least a dozen or more copies. You may likewise need certified marriage certificates to prove you were married to the deceased.
Speak with your spouse's employer.
If your spouse was working at the time of his or her death, make a point to contact the employer to see if there are whatever benefits you are entitled to have, including a 401(1000) or employer-based insurance policy. If you and your dependents' medical insurance was covered by your spouse's job, make certain you know how long the coverage will final to give yourself fourth dimension to make other arrangements.
Call your spouse's insurance company and file a claim.
Make sure you accept all the documentation in social club before contacting the insurance company to avoid frustration and wasted time. Be sure to empathize the benefit options, there may be more than one way to claim a life insurance benefit.
Probate your spouse's estate.
First you want to locate the will. Generally, it'south filed with an attorney, or in a prophylactic eolith box. Contact the attorney for a reading and for help in settling the estate. If your spouse died without a will, things could get complicated. Most people tin benefit from asking for professional legal and financial advice in this situation.
Assemble the fiscal records.
Kickoff collecting the financial records, including banking records, bills, credit card statements, tax returns, insurance policies, any outstanding mortgages or loans and retirement accounts. If your spouse did not have an organized file system, this might accept a long time. You may need to call companies directly and provide proof of your spouse passing earlier being able to gain admission to the accounts.
Switch over accounts and cancel credit cards.
If your spouse was the sole proper name on an account, such as a utility, or a subscription service, such every bit a mobile phone, brand sure to change the proper noun if you desire to continue the service, or finish the account if y'all don't. Go a re-create of your spouse'southward credit reports so y'all're aware of all debts in your spouse's name. (The three major credit bureaus are Equifax, Experian and TransUnion.)
Ask to have a notification in the credit report that says "Deceased — do not consequence credit," and so new credit is isn't taken out in their proper noun. As a surviving spouse, you may not exist responsible for the payment of credit card accounts held past your spouse alone, and many credit menu companies will write off the debt owed to them. Yet, the laws differ in customs belongings states, such as Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington and Wisconsin. Here the surviving spouse may be responsible for the credit card debt. A local chaser tin help.
Have your spouse'south Social Security number handy and call the Social Security Administration office to discover out what you need to practise to receive survivor benefits. Doing this as before long as possible can help prevent long delays before you get your next Social Security payment, and y'all may even authorize for a ane-fourth dimension death do good of $255. If your spouse served in the armed forces, you lot might be eligible for additional benefits from the Department of Veterans Affairs, so contact your local branch office.
Switch emergency contact information.
Change any of your or your family members' emergency contact information that had your spouse's proper name or number listed every bit someone else'southward master betoken of contact.
When you lose a loved i, your world is turned upside down. On top of all the grief there are the fiscal bug that land in your lap. While I would not recommend rushing whatever major money decisions, some issues but cannot wait. A checklist is a good manner to help with the immediate tasks. Even so, I recommend a financial plan to help with the larger issues, like planning for retirement or evaluating Social Security claiming strategies. If you are uncomfortable treatment the fiscal responsibilities or need a 2d opinion, an experienced fee-only financial adviser tin help.
For more than financial planning insights for Widows and Widowers, please visit my website at www.survivorplanning.com .
This commodity was written by and presents the views of our contributing adviser, non the Kiplinger editorial staff. You can check adviser records with the SEC or with FINRA.
Michael Aloi, CFP®
CFP®, Meridian Financial, LLC
Michael Aloi is a CERTIFIED FINANCIAL PLANNER™ Practitioner and Accredited Wealth Management Advisor℠ with Pinnacle Financial, LLC. With 21 years of feel, Michael specializes in working with executives, professionals and retirees. Since he joined Summit Financial, LLC, Michael has built a process that emphasizes the integration of various facets of financial planning. Supported by a team of in-firm estate and income tax specialists, Michael offers his clients coordinated solutions to scattered bug.
Investment informational and financial planning services are offered through Elevation Financial LLC, an SEC Registered Investment Adviser, 4 Campus Drive, Parsippany, NJ 07054. Tel. 973-285-3600 Fax. 973-285-3666. This material is for your information and guidance and is not intended as legal or tax advice. Clients should make all decisions regarding the tax and legal implications of their investments and plans after consulting with their independent revenue enhancement or legal advisers. Private investor portfolios must exist constructed based on the individual'south financial resources, investment goals, risk tolerance, investment time horizon, tax situation and other relevant factors. By performance is not a guarantee of future results. The views and opinions expressed in this article are solely those of the author and should not be attributed to Summit Financial LLC. Links to 3rd-party websites are provided for your convenience and informational purposes only. Summit is not responsible for the information contained on 3rd-party websites. The Peak fiscal planning design team admitted attorneys and/or CPAs, who deed exclusively in a non-representative capacity with respect to Height's clients. Neither they nor Superlative provide tax or legal communication to clients. Any taxation statements independent herein werenon intended or written to be used, and cannot be used, for the purpose of fugitive U.S. federal, state or local taxes.
Source: https://www.kiplinger.com/retirement/601302/checklist-steps-to-take-after-your-spouse-dies
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