Feeling overwhelmed? A checklist can help you figure out where to start and tasks you may be able to put off.
By: Jedediah McClure, JD
The death of your spouse is a period of unimaginable grief. Unfortunately, there are many legal and financial obligations that will not wait. Tackling a to-do list at this time is probably the last thing you want to do, so it is a good idea to seek out the help and advice of a trusted family member, friend, or adviser to sort things out and provide you with emotional guidance. Here is a checklist to help guide you through the most important tasks you need to complete:
Key Points
- Avoid Major Decisions: Hold off on making significant financial changes or investments.
- Obtain Documentation: Gather necessary documents such as death certificates and financial records.
- Contact Relevant Parties: Notify employers, insurance companies, and government offices.
- Review and Adjust Accounts: Switch over accounts and cancel unnecessary services.
Important Definitions
- Probate: The legal process of administering the estate of a deceased person.
- Death Certificate: An official document issued by a government that declares the cause, location, and time of a person’s death.
- Beneficiary: A person who derives advantage from something, especially a trust, will, or life insurance policy.
Checklist
1. Don’t Make Any Life-Changing Decisions
Now is not the time to make any significant financial decisions. While it is reasonable to want to sell a home or other property that reminds you of your spouse, wait. For some, paying off the mortgage makes sense, while for others maybe not. Also, avoid making any additional investments or large purchases, especially if you were not actively involved in your family’s finances before your spouse’s death. Give yourself the time you need to mourn first.
2. Request Certified Copies of the Death Certificate
You will need certified copies of your spouse’s death certificate to prove the passing and to claim benefits or switch over accounts into your name. Ask the funeral home for at least a dozen or more copies. You may also need certified marriage certificates to prove you were married to the deceased.
3. Speak With Your Spouse’s Employer
If your spouse was working at the time of death, contact the employer to see if there are any benefits you are entitled to, including a 401(k) or employer-based insurance policy. If you and your dependents’ medical insurance were covered by your spouse’s job, ensure you know how long the coverage will last to give yourself time to make other arrangements.
4. Call Your Spouse’s Insurance Company and File a Claim
Ensure you have all the documentation in order before contacting the insurance company to avoid frustration and wasted time. Be sure to understand the benefit options, as there may be more than one way to claim a life insurance benefit.
5. Probate Your Spouse’s Estate
First, locate the will. Generally, it’s filed with an attorney or in a safe deposit 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 can benefit from asking for professional legal and financial advice in this situation.
6. Gather the Financial Records
Start 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 take time. You may need to call companies directly and provide proof of your spouse’s passing before gaining access to the accounts.
7. Switch Over Accounts and Cancel Credit Cards
If your spouse was the sole name on an account, such as a utility or a subscription service, make sure to change the name if you want to keep the service, or terminate the account if you don’t. Get a copy of your spouse’s credit reports so you’re aware of all debts in your spouse’s name. Notify the credit bureaus (Equifax, Experian, and TransUnion) to add a notification that says “Deceased — do not issue credit,” to prevent new credit from being taken out in their name.
8. Contact Government Offices
Have your spouse’s Social Security number handy and call the Social Security Administration to find out what you need to do to receive survivor benefits. Doing this as soon as possible can help prevent delays in getting your next Social Security payment, and you may even qualify for a one-time death benefit of $255. If your spouse served in the armed forces, you might be eligible for additional benefits from the Department of Veterans Affairs, so contact your local branch office.
9. Switch Emergency Contact Information
Change any of your or your family members’ emergency contact information that had your spouse’s name or number listed as the primary point of contact.
When you lose a loved one, your world is turned upside down. On top of all the grief, there are financial issues that land in your lap. While I would not recommend rushing any major money decisions, some issues just cannot wait. A checklist is a good way to help with the immediate tasks. However, 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 handling the financial responsibilities or need a second opinion, an experienced fee-only financial adviser can help.
If you need assistance with estate planning or navigating financial responsibilities after the loss of a spouse, contact me today. At Supernus Law, we specialize in providing comprehensive guidance tailored to your unique needs. Schedule a consultation with me, Jedediah McClure, and let’s work together to ease your burden during this difficult time.
Contact Information:
- Phone: (618) 354-0302
- Email: jed@supernuslaw.com
- Website: Supernus Law Website
Let us help you manage the legal and financial tasks during this challenging period and provide peace of mind for you and your family.
