First, Take a Deep Breath
Allow yourself time to grieve and recognize that the adjustment process may take months or even years. Lean on trusted family members, friends, support groups, and professional advisors as you navigate both the emotional and financial aspects of this transition.
Immediate Financial Steps
In the weeks and months following the loss of a spouse, consider:
• Gathering important legal and financial documents (will, trusts, insurance policies, bank and investment statements, deeds, Social Security information, birth and marriage certificates, and certified death certificates).
• Creating a system to organize correspondence, phone calls, and important records.
• Consulting an attorney, accountant, tax professional, and financial advisor to help settle the estate and address tax obligations.
Apply for Available Benefits
Contact the appropriate organizations to determine eligibility for benefits, including:
• Life insurance proceeds
• Social Security survivor, retirement, or death benefits
• Employer-sponsored survivor benefits, pensions, or retirement plans
• Government or military survivor benefits, if applicable
Update Your Financial Records
Review and update financial accounts by:
• Changing account ownership and contact information where necessary
• Evaluating immediate cash flow needs and outstanding expenses
• Reviewing your credit report and ensuring you have credit established in your own name
• Avoiding major financial decisions until you have a clear understanding of your financial situation
Moving Forward
After the initial estate settlement process, focus on rebuilding your financial plan by:
• Investing insurance proceeds or inherited assets appropriately
• Calculating your net worth and creating a realistic budget
• Updating beneficiary designations
• Reviewing your investment portfolio regularly
• Updating your estate planning documents
• Reviewing insurance coverage to reflect your new circumstances
Working with a Financial Professional
A financial professional can help you evaluate survivor benefits, organize assets and liabilities, develop an investment strategy, update estate planning considerations, and create a long-term financial plan designed to support your goals.
Disclosure
This document is a reformatted version of the original Janney/Broadridge educational brochure.
