What To Do When You Lose Your Spouse

Emotionally coping with the death of a spouse or partner is difficult enough. Add to that the responsibility of organizing the finances and settling his or her estate and it’s easy to feel overwhelmed. Here are a few suggestions to help make that part of the process easier:

• Assess your short-term expenses. If you don’t have adequate cash reserves to cover funeral and other end-of-life expenses or debt and loans, stay calm. There may be several options available to you over the short term. For example, some creditors may allow you to postpone certain debts for 30 days or more. It’s important to note that, if you’re the beneficiary of your spouse or partner’s life insurance policy, you may receive a death benefit payment within a few days of filing a claim.
• Locate key records and documents. Before you can settle your spouse or partner’s estate or apply for insurance proceeds and government benefits, you need to locate important documents, such as his or her certified birth and death certificates, your marriage license and any life insurance policies. Keep these documents in a safe, yet accessible, location.
• Contact your attorney, tax advisor and financial professional. They can help you take the necessary steps to settle or update accounts. This includes contacting life insurance companies, government agencies and your spouse or partner’s employer for information on how to file for benefits.
• Set up a filing system. Organize important documents by topic. Next, set up a file for each topic—for example estate records, insurance information, government benefits and tax information. This will make it easier for you to keep track of important information and access it when you need it.
• Notify any relevant parties. You will want to make sure you notify credit card, bank and investment companies, as well as any other relevant companies that your spouse or partner has died and update the accounts accordingly.
• Update beneficiary designations. If your spouse or partner is the designated beneficiary for any of your insurance or other accounts, update your records to reflect your new wishes.

For additional information, consult your financial, tax and legal professionals. They can provide you with the support and guidance you need to take care of essential financial and legal issues and concerns during this difficult time.

Scott Berman is a Financial Advisor and Managing Director at Berman & Associates, a financial advisory practice of Ameriprise Financial Services, Inc. Advisor is licensed/registered to do business with U.S. residents only in the states of CA, CT, DC, DE, FL, KY, MD,ME,MO, NC, NJ, NY, OH, PA, SC, TN, VA, WA, WV.

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