Losing Your Spouse- A Road to Recovery Checklist

By MLD Wealth Management Team –

Losing your spouse is emotionally devastating.  Unfortunately, critical decisions must be made soon after, and these decisions have significant financial implications. A funeral must be arranged, friends and family contacted, outstanding debts paid, and the estate must be settled. Much of this can happen while you’re still grieving and under stress.

Typically you’ll be your spouse’s executor unless you’re physically incapable of carrying out these tasks, or your spouse has delegated the role to someone else. Family members, friends, and trusted advisors can help with a lot of the work and decisions.

Here is a list of what you should consider during the first week, month, three months and year out from losing your spouse.

0 to 7 Days

-Notify the executor of the will

-Order 10+ certified copies of the death certificate from the provincial health department

-Call the employer of the deceased

-Ask the employer for information on death benefits, company-sponsored life insurance policies, and any outstanding pay due

-If you are not the executor of your loved one’s will or estate, notify him or her of the deceased’s passing. Set up time with the executor to begin the estate settlement process

-Start gathering financial and legal documents

-Use this financial inventory checklist to make sure you don’t miss any accounts for which you’ll need documentation to close out the deceased’s finances

-Take a cooling off period before making financial decisions

0 – 30 Days

-Protect against identity theft and fraud

-Contact all accounts held by the deceased and notify them of the death. Death certificates may need to be provided

-Record accounts closed on a list to ensure nothing is missed so advisors can move on to the next milestone

-Settle any outstanding debts your spouse had from the estate

-Notify credit bureaus (e.g., Experian, TransUnion, and Equifax) of your loved one’s death

-Contact the Department of Motor Vehicles to cancel the deceased’s driver’s license

-Cancel benefit payments and inquire about survivor benefits

-Be sure to stop benefit payments to the deceased, such as Canadian Pension Plan, or you may have to repay any amounts paid posthumously

-Get expert professional assistance

-Contact a financial consultant, estate attorney, CPA, and a tax specialist to help with financial and legal matters related to the estate

-Your financial consultant can help with the transfer of assets and closing of accounts; if applicable, you should also contact your loved one’s financial advisor to assist with asset transfers

-An estate attorney can determine if probate is needed and can help with legal filings and letters testamentary, which are required to close out the deceased’s business dealings

-Your spouse’s life insurance agent can assist with claim forms to ensure you are paid any death benefits owed to you

-A tax specialist or CPA can help you assess any tax obligations associated with the estate or inherited assets, and can assist in filing a final tax return

-Assign joint assets to your name. Usually, joint assets are passed on to you without approval from a probate court

0 – 90 Days

-Review and update information on your personal accounts and property, including beneficiary designations, insurance, and property titles

-Cancel memberships or subscriptions

-Connect with credit reporting agencies and make sure no fraudulent accounts have been opened in the deceased’s name

-Keep in good communication with your spouse’s beneficiaries. This is often a source of a lot of issues if ignored

0 to 365 Days:

-If you don’t have one, find a financial advisor. The will be extremely valuable in this situation

-Life aspirations and financial goals often change when you lose your spouse, a financial advisor can help you adjust.  They will work with you to update your personal budget and reallocate your investment portfolio so that you’re on track to meet your revised long-term goals