The death of a spouse is a destabilizing event and there are a sea of changes to our daily routines and more importantly our future life plans. After facing one of the most traumatic experiences in our lives, when coping and thinking is a challenge–there are financial and legal decisions to made.Her are some steps that you may find helpful in navigating the process and address both short term and long term goals.
Short Term Goals
- Evaluate your immediate situation.
- Make sure that you have applied for any money that may be owed to you. That includes individual life insurance, employee sponsored life insurance, and 401K plans.
- Apply for Social Security Survivor Benefits. If you have young children, you may be eligible for additional benefits click here for Social Security Information.
- If your husband was a Veteran you may be eligible for Veteran’s Benefits. Click here for Veteran Survivor Benefits Information.
- Make a list of all your and your husband’s credit cards.
- Contact each of your husband’s credit cards and inform them of his death. Debt that is only in his name should be paid from the settlement of his estate. However, join credit cards are due to be paid as always.
- Make sure you bills are paid on time to protect your own credit.
- Take copies of death certificate to your bank to insure access to all you accounts.
- Make sure that you and your dependents have health insurance. If you were under your husband’s medical plans confirm Cobra coverage.
- Update your own will, power of attorney, health proxies and living wills.
- Update your own life insurance especially if you have dependents.
Long Term Goals
- Take active control of your future.
- Establish a budget.
- Think about how you want to live your life.
- Consider a financial planner to help you evaluate your longer term goals and your monetary needs.