Start gathering important documents: 

The first item you’ll need is the death certificate. The death certificate is necessary to legally establish the fact of death and enable settlement of property inheritance, as well as authorizing family to collect insurance proceeds and other benefits. You will need multiple copies (recommendation is at least 10, but order a few more than you anticipate needing). Copies of the death certificate can typically be ordered through the funeral home you’re working with; however, if you’re not working with a funeral home, they can be obtained by contacting the Department of Vital Statistics in the state in which your spouse died.  

Aside from getting copies of the death certificate, you will also want to locate and have available the following:

Contact Spouse’s Employer: If your spouse was employed, contact their employer to give instructions for final paycheck distribution, and inquire about any other assets or benefits you may be entitled to.

Build your team. There will be a myriad of emotions at this time, so having a trusted team of professionals guiding you through essential decisions and actions can help you avoid making some regrettable mistakes. Be sure your team members are acting in your best interest as fiduciaries (having a legal and ethical obligation to act in your best interest). It’s their job to make sure you understand what they propose doing and why. If you feel intimidated or confused, move on. Four critical team members: Trusted friend or family member (someone you can talk to for emotional support), CPA, Financial Advisor and Estate Attorney.

Protect against Identity Theft and Fraud.  

Notify any agencies paying benefits to your spouse. Notify any agencies from which your spouse was receiving benefits (i.e. Social Security, Medicare, Veteran’s Affairs). If the notification is not made and payment is not stopped, you will need to repay any benefits received after the person’s death.

Claim any benefits you are entitled to

Transfer assets into your name or update titling of assets as appropriate

For accounts held only in your spouse’s name, those will need to go through the probate process or be handled in accordance with state laws. Your estate attorney will be able to direct you in this area.

Settle Debts

For cards held jointly, notify the credit card company that your spouse is deceased and that the card should list your name only.

For debts held jointly such as mortgage, utility bills, etc. – continue to make on-time payments to maintain a good credit rating. 

Be aware that debt collectors may attempt to collect the debt and make you feel you are obligated to pay the debt, even if you are not legally required to do so. Your estate attorney can assist you in identifying your personal responsibility versus the responsibility of your spouse’s estate.

Determine Tax Liabilities. Your CPA can help you determine any tax liabilities associated with the estate and can assist you in filing the final tax return.

Notify Health Insurance provider of death and stop coverage. If you and / or dependents were covered under your spouse’s plan, confirm how long the coverage will last so you can make appropriate arrangements.

Watch impulsive spending. Such spending will not lessen your pain or shorten grieving time. Many salespeople find grieving spouses to be especially vulnerable and will prey upon this vulnerability. Decline their offers and save major purchases for later when you’ve had opportunity to review your financial position with your advisor.

Avoid gifting or lending money to others until you can review your current and future financial obligations with your advisor.

Cancel Memberships. Pay attention to those where your spouse has an “auto renewal” for fees. Consider gyms, AAA, AARP, magazine subscriptions, professional groups.

Develop a Financial Plan Working alongside your CPA, Estate Attorney and Financial Advisor you will want to develop a plan that reflects your new situation. Included in this will be reviewing and updating your estate plan (updating powers of attorney, beneficiaries and healthcare directives). You will also need to identify the amount needed for living expenses and determine where these funds will come from. Your team can also assist you in maximizing tax efficiencies.