The Finance Blogger


Financial Checklist When a Spouse Dies

financial checklist when a spouse diesWhen your spouse passes away it can be emotionally overwhelming. Your best friend in many cases, has just left you and your wondering what you will do for the rest of your life. There are so many things to do and it just seems that you cannot focus on anything at all. How will you get through the next day let alone the next week and months. There are some things to focus on initially and as the days go on. It will get easier as time goes on. What you need is a financial checklist when a spouse dies to assist you in those first few months.

Financial Checklist When a Spouse Dies

  • Make funeral arrangements
  • Assemble your team
  • Apply for government programs
  • Contact employers
  • Contact life insurance companies
  • Contact banks and investment advisors
  • Update wills and power of attorney
  • Review real estate position
  • Preserve your assets

Make funeral arrangements – this will take most of your time the first few days so focus on this with the help of your family. You should review the will so that you follow any special instructions

Assemble your team – meet your financial advisor, your lawyer and bank manager. Involve your kids or a good friend you can trust to help you with all of the decisions and information that will need to be addressed

Apply for government programs – depending on age, there may be government programs available that will improve your financial situation. Apply for these now.

Contact employers – if your spouse was still working, you will need to let your employer know. There may be additional benefits that are available from your spouses employer.

Contact life insurance companies – to find out what information they need for you to cash in any life insurance

Contact banks and investment advisors –  let them know what has happened and provide the necessary documentation to transfer all assets to you.

Update wills and power of attorney – now that your spouse is gone it is time to update your will and powers of attorney

Review real estate position – discuss your real estate situation with your lawyer and make any transfers that are needed. You may be thinking of downsizing, don’t rush, take your time to make your decisions.

Preserve your assets – you may need all of your savings for the future to pay your own bills etc. Avoid spending your assets until you have a good appreciation of your situation.

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