By Laurel Kutler, CFP®
Losing a spouse is one of life’s greatest challenges, and for many women, it can also bring the added difficulty of managing finances on top of the grief. Taking control of your financial situation during this time is essential to maintain long-term stability, even though it can feel overwhelming.
At ABLE Financial Group, we truly understand what you’re going through. That’s why we’ve created a simple checklist to help guide you through the financial steps you’ll need to take in the days, weeks, and months ahead.
Immediate Financial Steps to Take
In the days following your spouse’s passing, focusing only on the most immediate financial tasks can help reduce feelings of overwhelm while creating a smoother transition and shielding your financial future.
- Locate the will. The executor of the will disburses your spouse’s assets according to their wishes inside the will. For married couples, most assets and debt are collectively owned. So when one partner dies, the survivor acquires everything they owned together (including debts). If you can’t find the will at home, see if it’s in a bank safe deposit box, or ask the lawyer for a copy.
- Contact a financial advisor within a few weeks of your spouse’s death because they’ll likely have financial planning documents needed to make insurance and benefits claims.
- Locate an estate planning attorney. Typically, it’s possible to settle estates without a lawyer. But because family asset distribution can sometimes become complex, it’s best to work with an estate planning specialist.
- Contact the executor of your spouse’s estate because they’ll need help distributing assets as specified in your spouse’s will.
- Get at least 10 copies of the death certificate so you can notify multiple parties of your partner’s passing.
Financial Steps to Take in the Months After
There are some things that don’t need attention right away after a spouse’s death, and sometimes it’s actually better to hold off. For example, we don’t recommend canceling your loved one’s email account right away because you’ll need it to request and receive benefits.
Steps to help navigate this transition (but which you don’t need to do immediately):
- Cancel insurance policies: These are policies exclusively in your spouse’s name, along with removing them from joint policies.
- Remove their name from property deeds: Be sure to update all relevant legal documents to reflect the change in ownership.
- Shut down their accounts: This includes social media accounts along with closing their email accounts.
- Cancel credit cards: These are cards under your spouse’s name or any unneeded subscriptions.
- Contact the three main credit bureaus: This will safeguard against any new credit being taken out using your spouse’s identity.
- Notify relevant institutions: Inform banks, insurance companies, Social Security, the DMV, and other organizations about your spouse’s passing to begin transferring accounts, benefits, and any necessary documents, such as driver’s licenses or vehicle titles.
- Claim benefits: Apply for any life insurance payouts, Social Security survivor benefits, and pensions. If your spouse was employed, contact their employer and notify them about the death. The employer should give you details about the financial benefits you’ll receive.
- Gather financial documents: Collect bank statements, investment accounts, insurance policies, wills, and any debts to get a clear picture of your finances.
- Assess and plan: Review your current financial situation, including income, expenses, assets, and debts. Consider working with a financial planner to create a plan that fits your new circumstances and assists with filing tax returns.
- Manage debts and expenses: Identify outstanding debts, prioritize paying them off, and adjust your spending to match your new income level.
- Update estate plans: Review and update your will, beneficiaries, and other important documents to reflect your current wishes.
- Seek support: Don’t be afraid to lean on family, friends, or professional advisors for both emotional and financial support. Managing finances alone can be overwhelming, and a support system can provide valuable guidance.
We Are Here to Support
Losing a spouse is an incredibly painful experience, and navigating your grief while managing financial decisions can feel overwhelming to say the least. If you’re struggling to cope with both, our team at ABLE Financial Group is here to support you. Let us help you manage, safeguard, and grow your wealth during this difficult time.
Contact us by calling 480.258.6104 or emailing adam@ablefinancialgroup.com today.
About Laurel
Laurel Kutler is a Financial Advisor at ABLE Financial Group, a financial services practice that focuses on transition planning and simplifying the complexities of their clients’ wealth. Originally from a small town in North Carolina, Laurel is a graduate of the University of North Carolina at Charlotte. She earned a degree in communications with a focus in public relations.
Beginning her career as a financial advisor with Edward Jones, Laurel is driven by a combination of passion for finance and a commitment to make a positive impact on individuals’ lives. She saw financial advisory as a unique opportunity to empower others with the knowledge and strategies needed to secure their financial futures.
Laurel specializes in working closely with 401(k) plans and their participants, as well as assisting divorcees and widows. She brings energy and enthusiasm to solving client needs and often with the empathy needed to help them navigate difficult situations.
Currently residing in Scottsdale, Laurel has diverse interests outside of her professional life. She enjoys hiking, hosting dinner parties for friends, and takes pleasure in traveling whenever possible.
