Loss of a spouse is among the most difficult challenges anyone will face in their lifetime. Over the last 15 years, we have worked with a number of recent widows and widowers. Our job is to help the surviving spouse and family members address their multiple financial to-do’s efficiently, and to create a financial plan for the years ahead.

Here’s a summary of how we can help.

For a detailed list of the items that should be on the survivor’s to-do list, click here.

• Determining what immediate actions the surviving spouse should take, and what can wait. Often, the most urgent items are notifying Social Security, making sure there is accessible cash to cover expenses, avoiding potential fraud by closing credit cards and financial accounts, claiming life insurance death benefits, and ensuring the survivor’s health care insurance.
• Determining if they can afford their lifestyle – and what their options are if they need to make changes.
• Help with settling their deceased spouse’s estate. This can be simple – like retitling accounts and adjusting cost bases – or it can be complex if the deceased did not have an efficient estate plan. Sometimes, they will need an attorney.
• Help with amending the survivor’s estate plan. Significant amendments will require an attorney.
• Analyzing, explaining and potentially modifying the survivor’s investments. If the deceased acted as the family CFO, we usually take this slowly. Often changes are necessary, but they are seldom urgent. The survivor may feel making changes violates their spouse’s intentions or besmirches their memory. We have always been able to find a balance between honoring the deceased and doing what is in the survivor’s best interests.
• Help with tax filings. Often, it makes sense to file Form 706 for the deceased spouse. Always, it makes sense to analyze what the survivor’s tax return will look like as a single or head of household filer – and what they can do to mitigate a tax bill which may increase in the future.

If you know someone who needs this kind of help, please let us know.