Loss of A Spouse

Things to Do
The death of a spouse is an emotionally trying time. How you handle your financial situation is crucial. A person's death immediately sets into motion a chain of financial events.

Immediately

• Notify friends and family and your spouse's employer, if any
• Make funeral arrangements
• Call your attorney
• Locate the will and any letters of instruction
• Contact the executor of the estate (if someone was named other than yourself)
• Make sure you have enough cash on hand to meet near-term expenses. (Accounts owned jointly or solely by your spouse will be frozen until probate begins.) If you don't have access to cash, have your attorney file an emergency request with the probate court

Within a month

• Get several copies of the death certificate from the funeral director -- you will need these to claim assets including life insurance.
• Contact the Social Security Administration. Depending on your age, the length of time you were married and whether you have any children, you or your children may be entitled to immediate benefits.
• Talk with your spouse's employer about his life insurance, pension and continuation of health benefits.
• Contact issuers of your spouse's life insurance policies. If you were named as the beneficiary, you'll be able to get the proceeds without going through probate.
• Review your own insurance policies and beneficiary designations. Change beneficiaries if your spouse was your beneficiary. And reevaluate whether you now need additional coverage, especially if you have children.
• Review your will or prepare a will if you don't have one.

Additional Information

• Tax Issues After the Loss of a Spouse
• Insurance Coverage On Your Own

Checklist of Documents You Will Need:

• Numerous copies of death certificate
• Marriage license, children's birth certificates, military discharge papers and Social Security numbers for you and your spouse
• Your spouse's will and/or trust papers
• Life insurance policy numbers
• Information on other possible life insurance including that from employers and credit unions
• Your spouse's employee benefits handbook (check for survivor's benefits)
• Bank and investment accounts (copies of most recent statements)

This article is for information purposes only, please consult your attoney for specific information and advise.

People's Financial Advisors is a division of People's Securities, Inc. Investments & Insurance are available through People's Securities, Inc. (member FINRA and SIPC), a subsidiary of People's United Bank.