Facing Uncertainty: Are You Equipped for the Financial Challenges of Widowhood? (Checklist)

By Brett Gottlieb

Facing the loss of a spouse is an unimaginable challenge, both emotionally and financially. Yet it’s a reality many people will confront at some point in their lives. In the midst of grieving, dealing with the practical aspects of finances can feel overwhelming. However, having a plan in place ahead of time can provide some much-needed relief during this difficult period.

This checklist details essential steps to take after the death of a spouse to help you navigate the financial aftermath with greater ease and confidence.

Notify Relevant Parties

• Contact close family and friends to inform them of your spouse’s passing.
• Notify your spouse’s employer or former employer, if applicable, to inquire about any outstanding benefits or insurance policies.

Obtain Multiple Copies of the Death Certificate

• Request several certified copies of the death certificate from the appropriate authorities. You will need these copies for various legal and financial purposes.

Review and Organize Important Documents

• Gather and organize important financial documents, including wills, trusts, insurance policies, bank statements, investment accounts, and tax returns.
• Review these documents carefully to understand your spouse’s financial affairs and any arrangements they may have made.

Contact Financial Institutions and Service Providers

• Notify banks, investment firms, credit card companies, mortgage lenders, and other financial institutions of your spouse’s passing.
• Inquire about any joint accounts or assets held solely by your spouse, and discuss next steps for accessing or transferring these accounts.

Assess Your Financial Situation

• Take stock of your current financial situation, including income, expenses, debts, and assets.
• Consider meeting with a financial advisor to evaluate your financial goals and develop a plan for managing your finances going forward.

Apply for Survivor Benefits

• If your spouse was receiving Social Security benefits, survivor benefits may be available to you. Contact the Social Security Administration to inquire about eligibility and the application process.

Review and Update Beneficiary Designations

• Review beneficiary designations on retirement accounts, life insurance policies, and other assets to confirm they reflect your current wishes.
• Update beneficiary designations as needed to align with your estate planning goals.

Consider Legal and Estate Planning Matters

• Consult with an attorney to review your estate plan and make any necessary updates in light of your spouse’s passing.
• If your spouse had a will or trust in place, work with legal professionals to initiate the probate or trust administration process.

Seek Emotional Support

• Remember to prioritize your emotional well-being during this challenging time. Lean on family, friends, or support groups for comfort and guidance.
• Consider seeking the help of a grief counselor or therapist to process your feelings and navigate the grieving process.

We’re Here to Help

Losing a spouse is one of life’s most difficult experiences, and the financial implications can add an additional layer of stress and uncertainty. By taking proactive steps and following a comprehensive checklist such as this one, you can better prepare yourself for the financial challenges of widowhood.

We at Comprehensive Advisor want to make your financial journey clear and confident, no matter where you are in life. Whether you’re planning for retirement, managing your investments, or considering the possibility of widowhood, we’re here to guide you and your spouse through the tough decisions.

Take the next step in pursuing your financial future by reaching out to us today. Email us at info@ComprehensiveAdvisor.com or call (760) 813-2125 and let’s start this journey together.

About Our Advisors

Brett Gottlieb is the founder of Comprehensive Advisor and a financial advisor with nearly two decades of industry experience. He graduated from California State University-Chico with two bachelor’s degrees, in business administration and economics, and is Life Insurance licensed in several states. He is passionate about guiding his clients on retirement income planning, helping each client pursue their specific retirement goals, and defending the assets his clients have worked so hard to achieve. Brett is a California native and currently resides in San Elijo Hills with his beautiful wife and three children.

Our team of qualified professionals have experience in the financial service industry, and our advisors hail from some of the largest independent broker/dealers and banking institutions in the country. They have dedicated their professional careers to creating personalized financial strategies for individuals and families who seek successful retirement planning and currently offer investment advisory services through AE Wealth Management, LLC. Our advisors take a common-sense approach to the planning process and work with clients to create a comprehensive retirement roadmap to help ensure their assets are preserved and they receive the income needed to enjoy their future. Based in Carlsbad, California, they work with clients throughout San Diego County and beyond. Learn more by connecting with Brett on LinkedIn or email them at info@ComprehensiveAdvisor.com.

Investment advisory products and services made available through AE Wealth Management, LLC (AEWM), a Registered Investment Advisor. Insurance products are offered through the insurance business C.A. Financial & Insurance Services. Comprehensive Advisor, LLC is an Investment Advisory practice that offers products and services through AE Wealth Management LLC (AEWM), a Registered Investment Advisor. AEWM does not offer insurance products. The insurance products offered by C.A. Financial & Insurance Services are not subject to investment Advisor requirements. CA Ins. Lic. #6000262. This material is intended to provide general information and is believed to be reliable, but accuracy and completeness cannot be guaranteed. Investing involves risk, including the potential loss of principal. Any references to protection benefits, safety, security, lifetime income, etc., generally refer to fixed insurance products, never securities or investment products. Insurance and annuity product guarantees are backed by the financial strength and claims-paying ability of the issuing insurance company. Neither the firm nor its agents or representatives may give tax or legal advice. Individuals should consult with a qualified professional for guidance before making any purchasing decisions. 2465433  – 6/24