Financial Stability After The Death Of A Loved One

2006-10-17

The death of a loved one will always be excruciatingly painful to family members. The death of a spouse however, does not only entail saying goodbye to a partner in life; it also means putting one’s house in order, and that includes everything from getting through the wake, the burial, but also the financial issues concerning you and your partner.

Guaranteeing your financial security after surviving the death of a spouse is crucial in determining how you will be in the future years to come. Amidst depression, longing, and sadness of losing your spouse, you need to make sure that you ensure yourself a happy and long life by being responsible about you and your spouse’s finances.

The very first thing to do in assuring your financial security is to check out all papers, from bank transactions to health insurance, even automobile and homeowners’ insurance policies, as well as land title deeds, certificates for stocks and bonds, and if a will is left by your spouse or you, prepare that too. It is imperative that all these pertinent documents are sorted out and organized, and kept in a secret location where you can easily access it for your future perusal.

Also find all other pertinent documents, such as death certificate of your spouse, birth certificates of your children, as well as your marriage certificate.

Second, know how much cash you have left. Go through your bank accounts and check out retirement funds and remaining assets and liabilities in order to know exactly the amount you have to secure your coming years.

You must also need to reevaluate how much you are spending in a daily basis, and that includes calculating the amounts you have spent on your spouse’s death such as the wake and burial. Being left alone to survive in this world means lacking one more resource in providing sufficient income for you and your family, but always consider the other means of gaining income that can help you get through financial insecurities after your spouse’s death. Ensure that the amount you have saved is right for what you and your family needs and these include everything from paying the usual bills like rent, electricity, and water, as well as the bare necessities such as food, as well as commuting or maintenance of your family car if need be. Mortgage expenses are extremely important as well, and don’t forget that regular medical check up to go and see the doctor, so have them listed as well. Remove the unnecessary costs and expenses, and regular the flow of cash within your home.

Next, know if you are able to ensure a trust fund for your children. You can ask your financial advisor for additional consultations about how to create such a fund for your children. This will always make things easier as time goes by, and you won’t have any problems in the future when it comes to your children’s schooling.

You can go ahead and check the status of your spouse’s social security coverage. You may contact your local Social Security office and see if you are eligible for any benefit from your spouse’s Social Security. If in any case your spouse had already been receiving Social Security benefits, remember to check first with Social Security before depositing checks of any amount. Benefits from Social Security include death benefits and survivor benefits, and it applies to surviving spouse and children, including disabled widows and dependent kids. When getting your Social Security benefits, remember to bring all birth certificates of your children, your marriage certificate, your spouse’s death certificate, your spouse’s Social Security number, and your spouse’s latest income tax returns.

For those whose spouses were war veterans discharged honorably from the military service, secure the lump sum payment provided by the federal government which includes allowances as well as a burial plot in a special private cemetery, including expenses incurred for the burial. Those whose spouses were employees by the time of their passing can go straight to their spouses’ employers and consult about remaining benefits, including pending paychecks marking un-availed leaves. Health insurance as well as life and accident insurance provided by the company your spouse is working for can also be retrieved by the surviving spouse and children.

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