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Help For A Surviving Spouse

The loss of a spouse in itself can be one of the most significant hardships in a person's life. At a time like this, you may be tempted to react suddenly to a variety of different financial decisions. The first thing, though challenging, is you must not make any financially changing decisions right away.

Many professionals suggest a surviving spouse should wait at minimum, six months before coming to a decision. This list includes decisions on issues such as putting your home up for sale, giving money to your children or charity, selling stocks or bonds, and moving in with a child. All of these, if made without careful consideration, could end up being more costly and difficult to undo.

The best decision you could make upon the death of a spouse is to take time to sort your thoughts. This is no time to allow a salesperson to convince you into buying any financial products, such as life insurance. There have been several unfortunate occasions in which a persuaded widow signs over or buys into a new life insurance policy- which are not usually needed.

Creating a checklist is a helpful plan for both husbands and wives. A few tasks that should be included in this checklist are: gather the documents, including social security numbers, birth/marriage certificates, military discharge papers, company benefit booklets, care titles, powers of attorney, and current financial statements. Another helpful hint is to get some assistance. A lawyer, financial planner and trusted friend or family member could make up a strong, dependant support system. This team can help you when you are least able to tend to detailed finance decisions. Another important contact is your spouse's employer if they were working at the time they passed away. This could include areas ranging from 401K pensions, health insurance policies and any other benefits that you or your spouse enrolled in or entitled to. Lastly, assess your cash flow and write down your fixed expenses. By doing this, you are able to visually calculate exactly where your finances stand.

As a surviving spouse, you may be entitled to a variety of different benefits. It is important to have knowledge of what claims you are a beneficiary to such as social security and IRA accounts. Be advised to handle both of these beneficiary claims delicately, but within the time limit requirements.

Though there is so much pressure immediately following the death of a spouse, one of the most beneficial reliefs to remember, is to take a deep breath and try not to make any extremely large financial decisions right away.

If you need legal assistance following the loss of a loved one or to assist with advance directives, please call PALUDA P.C. for a consultation at (248) 740-0203.