Immediate Financial Planning After the Death of A Spouse

Hi,
It's impossible to concentrate on mundane matters after a loss of such magnitude. Yet, daily issues won't allow themselves to be put on hold until we are in the frame of mind to be able to think about them. So, it's essential to enlist the aid of a friend to help cope with these mundane concerns in order to maintain the function of the household. First and foremost, we need to gather as much financial information as we can which includes, but is not limited, to the following assets and liabilities:

1) Assets : bank accounts, brokerage firm accounts, misc. investments including royalties and other dividends not held by brokerage firms, retirement and pension accounts, life insurance proceeds, and any other assets.
2) Liabilities: mortgage or rent payment and due date, utility statements and due dates, credit card balances and due dates, misc charge card balances and due dates, any other misc loans with monthly payments, IE car loans, tuition etc., plus any other debt.

Sometimes a spouse is unaware of all assets, investments, and outstanding debts. Assets, investments and debts generate mail. Any unaccounted for assets or debts will surface over the course of the year in the form of correspondence from the entities.

After a death, people may be flooded with statements and bills which seem to materialize out of no where. Depending upon the circumstances, they may be from medical institutions, medical supply companies, ambulance companies, bills for transporting the deceased, etc., These bills are not emergencies. We will talk about verifying these bills and others tomorrow.

Immediate financial needs of the household include covering the mortgage/rent, utilities and food. Hopefully there are funds available to meet these basic needs.

Tomorrow I will talk about what to do if funds are not available to meet living expenses the month following the death of a spouse.
Until then,
Alan

Death Of A Spouse

Hi,
Nothing can prepare one for the death of one's spouse. This is the time to use the help offered by close friends and family. One immediate need is to create a folder of essential documents. If this folder is not already in place prior to the death, it is a good idea to ask a friend to help compile and organize it. Basic documents are:
-Death certificate (a few certified copies)
-Marriage certificate (May be obtained from courthouse)
-birth certificates of dependent children
-Insurance policies
-Certificate of Discharge from the military
-The deceased will and list of property
Initial contacts to be made:
-Social security
-Life insurance
-Employee, Veterans or Misc benefits
-If spouse was employed, check with Human Resources about any specific employer policies. For example, a surviving spouse might have Cobra benefits for a set period of time.
On Monday I will discuss how to deal with both immediate and long term financial concerns after the death of a spouse.
Have a good weekend!
Until then,
Alan