Loss of a spouse

Coping with the loss of a spouse can be emotionally exhausting for you and your family. And handling financial matters during this difficult time can be particularly overwhelming. But there are steps you can take to simplify the process.

Start with your short-term needs

A financial advisor can help you review your current financial situation.

• What is your income situation?
• Do you have proceeds coming from life insurance policies?
• What retirement savings accounts did your spouse have?

Make sure you address these important items:

• Contact your attorney to go over your spouse's will and start estate settlement procedures.
• Obtain copies of the death certificate, Social Security and veteran benefits applications.
• Locate important documents and financial records (birth certificates, marriage certificates, life insurance policies).
• Contact your life insurance agent to assist you with the claims process.
• Consult with a financial advisor to help you organize your finances.
• Contact your spouse's employer for information on filing for benefits.

Plan for a new future

This can be an incredibly stressful time for you and your family. Try to delay big changes like moving from your current home until you know you're making decisions based on reason, rather than emotion. Think about the goals you and your spouse shared, and decide how your goals as an individual may change.

• What is your vision for retirement?
• If you still have family at home, does your current financial situation allow you to provide for them on your own?
• Are you contributing to a child's education fund?

Stay on track

Your life circumstances are always evolving, just like your financial situation. Working closely with a financial advisor to make regular updates to your finances can help you keep moving toward your dreams and goals.