Organizing your Finances After Your Spouse Has Passed Away
Collect Important Documents
Gather all financial records (investment account statements, bank statements, insurance policies, retirement account statements, prior year’s tax return, estate documents (will and/or trust), and request many copies of the death certificate.
Update Your Net Worth Statement
Review all your assets and liabilities on one spreadsheet to show current balances of all accounts/assets. Be sure to include all liabilities like the mortgage, credit card debt, and any other outstanding debt. Your financial advisor can assist with this process.
Compare Your Income and Expenses
Compile all sources of income (salary, Social Security, rental income, pensions, etc.) versus your expenses (mortgage/rent, utilities, healthcare, insurance, groceries, transportation, entertainment, etc.).
Create a Budget
Realize that your new life will be much different than your previous life and estimate income and expenses accordingly. Facing a significant lifestyle shift after losing a partner is not uncommon, so be realistic.
Consult with a Fee-Only Financial Advisor
This is not the time to guess what you should do with your finances, nor rely on your friend, Google. Seek out the guidance of a fiduciary financial advisor who puts your interests first and will not try to sell you products. You will need a full financial plan that looks not only at investments, but long-term retirement planning, estate planning, risk management, and tax planning.
Put Yourself First
Perhaps for the first time in a long time, this phase of life is all about you. When friends and family offer to lend a hand, take them up on it. Take care of your emotional health. Remember that you’re not the first person to go through this difficult process and seek the services of a therapist or group counseling. You are not alone.
Overall, this process takes patience. Allow yourself grace as you encounter uncharted territory. Rely on experts for financial guidance on how to organize your finances after the passing of your spouse, sooner rather than later. A sound financial plan will provide you peace of mind to focus on your new path.
Have more questions? Contact Us
Missie Beach, CFP®, CDFA®
Senior Financial Advisor
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