Often dealing with finances on your own means starting with the basics. Consider the following items at the top of your list and ask friends or family members for help and support:
- Death Certificate – If you have joint checking or savings accounts and other financial accounts such as stocks, bonds, 401(k), or pension plans, you will most likely need to provide proof of death with a death certificate. Most funeral homes offer this service, which is included in the funeral costs. Often you will receive up to ten death certificates and can request more from the funeral director if needed.
- Will – If your spouse had a will, you will need this to settle the estate. If there is no will, find out what the laws are in your state for people who pass away with no will in place.
- Life Insurance – If your loved one had any life insurance policies, along with the death certificate, you will need to contact the insurance company and inform them of your loss. If your loved one had an insurance policy through their job, the company’s human resources department can help you with this claim. If your loved one left insurance percentages to more than one beneficiary, they may require you submit signed forms from all the beneficiaries listed on the policy.
- Health Care – If you were covered under your spouse’s health care coverage, call the human resources department where they worked and ask about your COBRA options to ensure you keep health insurance until you can find a plan on your own.
- Employer Benefits – Check with your spouse’s human resource department to see if you are eligible to receive any accumulated sick, personal or vacation time your spouse accrued.
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Finances, Bills, and Credit Cards
Along with the basics you will need to take care of other matters including:
- Finance – Gather all your financial and investment papers together. This can include joint bank accounts, stock or bond investments, retirement plans, and mutual funds and CDs. Speak with a financial advisor to have the accounts transferred to your name only. You will also be required to provide a death certificate. Don’t cash out all your investments; you may need them for your retirement.
- Bills – You also need to collect all of your living expenses or bills you pay each month. These include your mortgage or rent payments, utilities, homeowner’s insurance or homeowner’s fees, and property taxes. While it’s not required to remove your spouses name from these types of bills, it’s best, especially if you plan to payoff your mortgage or other loans with your spouse’s life insurance.
- Credit Cards – Most couples have more than one joint credit card account. If you do, call the credit card companies to discontinue your spouse’s card to avoid annual fees. If you aren’t the primary card holder on the account, you may have to supply a death certificate. Consider consolidating or eliminating some of your credit cards and only keep the ones you think you need.
Continue on the next page for more financial advice for the newly widowed, including what to do about co-owned automobiles and veteran’s benefits.
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