As a surviving spouse, you will have to handle the financial and legal matters pertaining to the death of your spouse. Even if you have planned for the eventual death of your loved one, or if you have always handled the family finances, death is an emotional time. You could find yourself overwhelmed.
Often in families, there is one partner who handles the financial matters. While this generally works well in practice, it is important that both spouses have a clear understanding of what you own, what you owe. We suggest that you maintain a document—it could be as simple as an Excel spreadsheet, or as thorough as a life organizer—that lists the details of all important papers and documents, as well as contact information for lawyers, accountants, financial advisers, brokers, business partners, etc.
We suggest that you first contact your attorney who prepared your spouse’s Last Will and Testament. The attorney will be able to guide you through probating the estate. You need to obtain death certificates and documentation for your spouse’s death. The estate planning attorney can also assist you in distributing assets to named heirs that would otherwise not be part of the estate.
Life insurance and survivor’s benefits are not automatic, so you will need to file a claim for them. You will have to contact your insurance agent or insurance company, the Social Security Administration, and possibly, your spouse’s employer to see if you are eligible to file a claim for survivor’s or death benefits.
We recommend that you collect all bills for the first month following your spouse’s death. Bills that are in the deceased’s name only will be paid from the estate, not the surviving spouse. Any bills that are in joint names become the responsibility of the surviving spouse. This may require the attention of your estate planning attorney or financial adviser. You will also have to notify the creditors of your spouse’s death.
Depending on the complexity of your spouse’s estate, the probate process can last months to years. We suggest that you not make any hasty decisions regarding your spouse’s assets. Do not cave to pressure to sell or give away your spouse’s possessions until you have read and understand the Will and spoken to an attorney. A tax adviser can help you prepare the final tax return for the decedent and the return for the estate.
Once the estate has settled, we strongly suggest that you talk to your attorney or financial adviser regarding updating your own Will and beneficiaries. If you would like to speak with an expert about your estate, call us at 770-429-9166 or e-mail at experts@henssler.com.
Disclosures
This article is meant to provide valuable background information on particular investments, NOT a recommendation to buy. The investments referenced within this article may currently be traded by Henssler Financial. All material presented is compiled from sources believed to be reliable and current, but accuracy cannot be guaranteed. The contents are intended for general information purposes only. Information provided should not be the sole basis in making any decisions and is not intended to replace the advice of a qualified professional, such as a tax consultant, insurance adviser or attorney. Although this material is designed to provide accurate and authoritative information with respect to the subject matter, it may not apply in all situations. Readers are urged to consult with their adviser concerning specific situations and questions. This is not to be construed as an offer to buy or sell any financial instruments. It is not our intention to state, indicate or imply in any manner that current or past results are indicative of future profitability or expectations. As with all investments, there are associated inherent risks. Please obtain and review all financial material carefully before investing. Henssler is not licensed to offer or sell insurance products, and this overview is not to be construed as an offer to purchase any insurance products.
