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Survival
Guide for Surviving Spouses
If you or
someone you love has experienced the loss of a spouse, you may be familiar with
the tremendous difficulty of handling estate and financial affairs while coping
with the grief that accompanies such a loss.
During the challenging time immediately following the death of a husband or
wife, a few simple steps may help a surviving spouse regain his or her financial
bearings.
 1.
Keep cash reserves on hand. Cash can help cover funeral costs
and ongoing living expenses until you feel ready to address larger financial
decisions.
2. Make a budget. Household
finances can change with the death of a spouse. Draft a simple, flexible budget
to begin tracking everyday income and expenses. It can be revised regularly as
needs change.
3. Take inventory. Make a detailed
list of the deceased’s assets, including all investment and retirement
accounts, life insurance policies, and any items held in a safe-deposit box.
Determine the fair market value of each asset.
4. Obtain copies of the death certificate.
It may be a good idea to make 10 to 15 copies of the death certificate and
letter of testamentary because they will be required to claim Social Security
benefits, life insurance, investment accounts, and other assets.
5. Claim Social Security benefits.
To receive benefits quickly, make a personal visit to the local Social Security
office and sign a claim. The first check should arrive one to three months after
the claim is made.
6. Reregister accounts. Put all
bank accounts and securities in the name of your estate. You may also need to
retitle assets and change beneficiary designations on retirement accounts.
7. Revise your investment strategy.
In time, you may want to reevaluate your investment plan to help ensure that it
meets your day-to-day needs, future goals, and risk tolerance. It may also be a
good idea to delay gift giving until you have a clear picture of your financial
situation.
Losing a loved one is never easy — but losing a spouse can be both emotionally
and financially trying. Using these simple guidelines may help you or someone
you love better handle the stresses of this difficult time.
©
2002 Emerald Publications
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