Death of a Spouse
How to achieve and maintain stability after your partner passes away.
Losing a spouse is undoubtedly a stressful event, especially if it’s a sudden or unexpected passing. Often the last thing on a grieving person’s mind is getting their finances organized and rightfully so. Unfortunately, there are many financial decisions that have to be made and matters to be settled. You want to make these decisions thoughtfully, which can be difficult when your emotions are so high. Having a plan in place to help you through this time of personal and financial adjustment will make the process of moving forward a little lighter.
Ask for help so you’re not handling everything alone
Identify a few family members that you trust to help you with this daunting task. Make a list of every financial element and source of debt.
List the common sources of debt in death such as:
- Funeral service and burial costs
- Estate, will and trust matters
- Income and employment matters (such as pensions, or social security benefits)
- Investments (IRAs, mutual funds, CDs)
- Tax documents (income or property tax related)
- Current bills (rent, mortgage, credit cards, etc.)
- Miscellaneous expenses