October 12, 2024
Allworth financial advisor Allison Scoggin, CFP®, shares a list of essential financial steps to take in the wake of a spouse’s death.
When a spouse passes away, the emotional toll can feel all-consuming. The weight of grief can make daily tasks seem impossible, and yet, amidst the sadness, life insists on moving forward. As someone who has spent my career guiding clients through life’s many transitions, I understand that while the heart needs time to heal, the financial and legal landscape requires prompt attention.
I often think of the words of Mitch Albom: “Death ends a life, but not a relationship.” This sentiment has always resonated with me, and I believe it reflects the deep connection that remains even after a partner’s passing. But with that bond comes the responsibility to manage the practical realities of loss. It’s a topic that can be difficult to face, but it’s essential to address these financial matters head-on. My hope is that by outlining these steps, you can feel more equipped during such a challenging time.
If you and your spouse have worked with professionals — such as an attorney, accountant, or financial advisor — this is the time to reach out to them. They will be crucial in helping you navigate the financial aftermath and provide guidance on your next steps.
If you do not already have these professionals in place, it’s important to ask for help from a trusted friend or family member to connect you with reputable advisors. During such an emotional time, having someone you trust to assist you can make all the difference. Remember, you don’t have to go through this alone — having a team to guide you will ensure that nothing important is overlooked.
Obtaining a death certificate is a critical first step. I recommend requesting several certified copies, as a death certificate is required for everything from closing accounts to transferring assets. This document will be needed as you correspond with banks, financial institutions, insurance companies, and other legal matters pertaining to your loved one.
If estate planning documents such as a trust or will were intact, having copies of these legal documents will also be informative. The will outlines your spouse’s wishes, while a trust can help avoid probate and make for simplification in transferring ownership. Both documents provide direction on how assets are to be distributed. If a legally binding will, trust, or estate plan isn’t already in place, it’s never too early to start the process to protect your future and ease financial burdens later.
There are several organizations you’ll need to notify following the passing of a spouse. While your attorney and financial advisor will assist you with this process, the key ones to reach out to include:
That last point is especially important, as many people forget that there may be retirement accounts, pensions, or life insurance policies left behind with past employers. It’s not uncommon for these to go unclaimed unless you take the initiative to track them down. Make sure to gather all relevant information and follow up on any accounts tied to previous employment.
Once you have the death certificate in hand, the next step is to ensure that all assets are transferred into your name. Even if you are the named beneficiary, you may not be able to access or manage certain accounts until ownership is officially updated. Common assets that need to be transferred include:
By taking care of these steps, you ensure that you have control over the assets and can move forward with any necessary financial decisions.
If you are experiencing the loss of a spouse or partner, I hope these steps help you feel a little more prepared to manage the financial and logistical matters that come with it. While nothing can take away the pain of loss, having a clear understanding of the practical steps to take can provide some peace of mind.
We’re here to support you in any way we can. If you have questions or need guidance, please don’t hesitate to reach out. During such times, it’s important to lean on your community and the people you trust to help you navigate both the emotional and financial aspects of this journey.
No matter what changes may happen in life, I believe it’s possible to refocus any situation in a way that helps to create positive change. That is why I love being a financial advisor and helping my clients listen to their inner voice and change their outcomes for the better.
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