Financial tips to follow when a
spouse dies
difficult when you're
vulnerable and grieving, but having a plan to follow may help. Here are
suggestions for dealing with financial tasks.
●
Wait to
make major decisions. Put off selling your house, moving in with your grown
children, giving everything away, liquidating your investments, or buying new
financial products.
●
Get expert
help. Ask your attorney to interpret and explain the will and/or applicable
law and implement the estate settlement. Talk to your accountant about
financial moves and necessary tax documents. Call on your insurance company to
help with filing and collecting death benefits.
●
Assemble
paperwork. Documents you'll need include your spouse's birth certificate, social
security card, insurance policies, loan and lease agreements, investment statements,
mortgages and deeds, retirement plan information, credit cards and credit card
statements, employment and partnership agreements, divorce agreements, funeral
directives, safe deposit box information, tax returns, and the death
certificate.
●
Determine
who must be paid, and when. You'll need to notify creditors and continue
paying mortgages, car loans, credit cards, utilities, and insurance premiums.
Notify health insurance companies and the Social Security Administration, and
cancel your spouse's memberships and subscriptions.
●
Alert
credit reporting agencies. Request the addition of a "deceased notice"
and a "do not issue credit" statement to the decedent's file. Order
credit reports, which will provide a complete record of your spouse's open
credit cards.
●
Determine
what payments are due to you, such as insurance proceeds, social security
or veteran's benefits, and pension payouts. File claims where needed.
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