What to Do After Losing Your Spouse: An Expert Guide

An older woman holds a framed photo to her chest while she looks out her bedroom window.

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Losing a spouse is one of life’s most profound heartbreaks. For many widows, it means stepping into a financial role they may not have held before.

While grief takes center stage, there are certain financial decisions that require attention, some sooner than others.

Although not exhaustive, this guide is designed to help you navigate those steps one at a time — with clarity and care.

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The Kiplinger Building Wealth program handpicks financial advisers and business owners from around the world to share retirement, estate planning and tax strategies to preserve and grow your wealth. These experts, who never pay for inclusion on the site, include professional wealth managers, fiduciary financial planners, CPAs and lawyers. Most of them have certifications including CFP®, ChFC®, IAR, AIF®, CDFA® and more, and their stellar records can be checked through the SEC or FINRA.

Don't rush, but do get organized

Give yourself time to grieve but also begin gathering important documents and contracts. For many government agencies and financial entities, you’ll need your spouse’s Social Security number, a copy of the death certificate and a document that confirms your appointment from the probate court if you are an executor of the estate.

Compile a master list of all financial accounts, including bank and investment accounts, retirement plans and pensions, insurance policies, credit cards and loans.

I suggest planning to request at least 10 copies of the death certificate (which you can typically obtain through the funeral home).

Contact the necessary government agencies

The funeral home you work with may have already notified some of the government agencies on your behalf, so it’s wise to coordinate to avoid duplicating your efforts.

The Social Security Administration (SSA) should be at the top of your list and can be reached by calling 1-800-772-1213 or by contacting your local office.

If your spouse was receiving benefits, any payments made for the month of death and any months after their passing require repayment, which can sometimes be complicated. Be sure to inquire about surviving spouse or dependent benefits.

If your loved one received Medicare, the SSA will inform the program of the death, and if they were enrolled in Medicare prescription drug coverage (Part D), a Medicare Advantage plan or had a Medigap policy, contact these plans at the phone numbers provided on each plan membership card to cancel the insurance.

Also, if your spouse had a driver’s license, remember to cancel it to remove their name from the records of the Department of Motor Vehicles, which can help prevent identity theft.

Don't forget the financial companies

Make sure to take the death certificate to each bank to change ownership of joint bank accounts.

For credit cards, call the customer service phone number on the credit card, monthly statement or issuer’s website and let the agent know that you would like to close the accounts. They will also ask for a copy of the death certificate to accomplish this.

To minimize the chance of identity theft, provide copies of the death certificate to Equifax, Experian and TransUnion — the three credit bureaus — so that the account is flagged.

Remember to check your spouse’s credit history four to six weeks later to ensure no fraudulent accounts have been opened.

Finally, if your loved one had life insurance, provide the policy numbers and death certificate and file the appropriate claim forms with the insurance carrier.

Lean on a trusted advisory team

If you and your spouse worked with a financial adviser, contact them first. They may be able to help coordinate the retitling of any investment accounts and determine the beneficiaries listed on the accounts.

Depending on the type of asset, the beneficiaries may get access to the account or benefit by simply filling out appropriate forms and providing a copy of the death certificate.

You’ll also want to get in touch with your CPA, estate planning attorney, insurance agents and any other of your professional advisers. They can help you navigate all the detailed administrative tasks you’re facing.

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Retitling investment accounts, changing ownership on bank accounts, renaming beneficiaries on retirement accounts and insurance policies — these are all tedious tasks that they can help you with.

Run through your list to determine whom you can delegate certain tasks to, and ask your financial team to work together to best support you.

Anything you can take off your plate will give you the time you need to have the space to contend with your loss and grieve.

Other important tasks

If your spouse worked, contact their employer for information about pension plan benefits. Reach out to clubs, professional organizations, etc., and find out how to manage his/her membership status, including reimbursement of any unused fees.

And don’t forget to close social media and other online accounts to avoid fraud or identity theft. We live in a very digital world now, and the procedures for each website will vary, so it’s best to do your research on what documentation each site needs.

Moving forward, one step at a time

This journey is personal and often overwhelming. The financial steps you take now can help bring peace and stability for the years to come — and create a legacy that honors your spouse’s memory.

You don’t need to figure it all out in one day, but having a plan and the right team beside you can make all the difference.

Disclaimer

This article was written by and presents the views of our contributing adviser, not the Kiplinger editorial staff. You can check adviser records with the SEC or with FINRA.

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Julia Pham joined Halbert Hargrove as a Wealth Adviser in 2015. Her role includes encouraging HH clients to explore and fine-tune their aspirations — and working with them to create a road map to attain the goals that matter to them. Julia has worked in financial services since 2007. Julia earned a Bachelor of Arts degree cum laude in Economics and Sociology, and an MBA, both from the University of California at Irvine.