Moving Forward Financially After the Loss of a Loved One
Even as you work through your grief, there are some important financial tasks to take care of along the way. Here is a framework to use as a starting point.


The loss of a partner or family member is a life-changing event laden with intense emotions. Whether the death is sudden or precipitated by an illness, the loss is just the same — real and painful.
There are no rules about how you should feel or how long it will take you to regain your energy and capacity to move on. Grief is difficult to avoid as well as the avalanche of financial and legal undertakings that will require your immediate attention.
However, there are several actions that can ease this process and help you to get back on track financially.

Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
A Checklist of Tasks to Complete
After you've attended to the emotionally charged events of funeral preparations and services, it can be helpful to take a step back and prioritize.
Some tasks will be more pressing than others. Here’s a checklist of what you will need to address in short order.
- Collect Social Security number, birth certificate, marriage certificate and military discharge papers.
- Get at least 10 copies of Death certificates — each death claim will need to be accompanied by an original copy of the death certificate
- Notify the Social Security office of the death and file a Social Security benefits claim form to qualify for the death benefit. The official Social Security death benefit is just a one-time $255 payment. However, Social Security survivor benefits are much more important as they provide family members with monthly payments that sometimes last for the rest of their lives.
- Locate car title(s).
- Get current statements for bank, brokerage and retirement accounts.
- File the person’s will with your local Probate Court (or have your attorney file it). If your loved one did not have a will, that person is dying “intestate.” Their heirs will have no say over any of the deceased’s assets and their estate goes into probate, which is a legal process to decide who will inherit what.
- Obtain letters testamentary from the local courthouse (attorney can obtain). This is a document issued by a court of public or official authorizing the executor of a will to take control of the deceased person’s estate.
- File a death claim with the person’s life insurance company, if applicable.
- Check with the Employer’s Benefits department about survivorship pension, health insurance, unpaid salary, life insurance benefits, if applicable.
- Prepare a preliminary monthly budget and income summary.
This is a stressful time, especially if the surviving partner did not play an active role in the finances. If you don’t have an existing relationship with an attorney, accountant or a financial planner, seek the advice of a trusted friend or family member who can recommend one. If you have a working relationship with one or more of these professionals, it is time to assemble your team to tackle the next set of actions.
- Retitle joint accounts into your name.
- It is commonly recommended to keep a joint checking account for at least a year — to deposit checks made payable to the deceased. However, this may not be true in all cases.
- Transfer any inherited IRA into your name and take out a required minimum distribution, if applicable. Assign new beneficiaries.
- Update deeds for any real estate joint held with rights of survivorship.
- File a federal estate tax return within nine months. Some states have earlier deadlines for estate returns.
Overcoming Grief Takes Time
The loss of a loved one can bring with it immense pain and suffering, particularly if the death is unexpected. With such a financial burden and countless legal requirements placed on your shoulders, it can be difficult to remember that grief takes time.
Don't let the outside pressures overwhelm you. Now is the time to lean on friends and family for support. Don't rush yourself or break down with anxiety just to get the process done as soon as possible. Finances can be tricky, but not as tricky as pain. Allow the pain time to heal and you'll be able to better move on emotionally and financially.
The challenges you're facing don't have to be faced alone. There is always help available to assist you during this time of mourning. Keep in mind that financial matters can be dealt with anytime, but grief is something that cannot be controlled, so taking your time is the best thing you can do for yourself.
Securities offered through National Securities Corporation, member FINRA/SIPC. Advisory services offered through National Asset Management, an SEC registered investment adviser. Fixed Insurance Products offered through National Insurance Corporation.
Get Kiplinger Today newsletter — free
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more. Delivered daily. Enter your email in the box and click Sign Me Up.

Ephie Coumanakos is the co-founder and managing partner of Concord Financial Group and a graduate of The Wharton School of The University of Pennsylvania. She specializes in the areas of retirement and pre-retirement planning, asset preservation, wealth management and estate planning. Ephie frequently appears as a speaker at financial workshops in the areas of retirement and estate planning, asset preservation strategies and tax management.
-
Stock Market Today: Stocks Stable as Inflation, Tariff Fears Ebb
Constructive trade war talks and improving consumer expectations are a healthy combination for financial markets.
-
What Trump’s 'Big Beautiful Bill' Means for Your Utility Bills
If passed, the 'Big Beautiful Bill' could make home energy upgrades more expensive and raise monthly costs. Here's how much more you might pay and how to prepare.
-
Eight Estate Planning Steps to Protect Your Loved Ones (and Your Legacy)
Two-thirds of Americans don't have an estate plan. If you're one of them, these are the essential steps to take now to prevent problems for your family later.
-
The Six Pros This Adviser Says You Need to Sell Your Business
Selling your business isn't as simple as getting the best price and walking away. These are the six professionals you'll need to get a deal across the finish line.
-
The Three C's to Financial Success: A Financial Planner's Guide to Build Wealth
Consistency, commitment and confidence in your chosen strategy are more critical to your financial success than finding the 'perfect' financial plan.
-
A Financial Adviser's Guide to Solving Your Retirement Puzzle: Five Key Pieces
If retirement's a puzzle you're struggling with, try answering these five questions. The answers will guide you toward a solution.
-
You're Close to Retirement and Cashed Out: How Do You Get Back In?
If you've been scared into an all-cash position, it's wise to consider reinvesting your money in the markets. Here's how a financial planner recommends you can get back in the saddle.
-
After the Disaster: An Expert's Guide to Deciding Whether to Rebuild or Relocate
Homeowners hit by disaster must weigh the emotional desire to rebuild against the financial realities of insurance coverage, unexpected costs and future risk.
-
A Financial Expert's Tips for Lending Money to Family and Friends
What starts as a lifeline can turn into a minefield if the borrower ghosts the lender. Following these three steps can help you avoid family feuds over funds.
-
What the HECM? Combine It With a QLAC and See What Happens
Combining a reverse mortgage known as a HECM with a QLAC (qualifying longevity annuity contract) can provide longevity protection, tax savings and liquidity for unplanned expenses.