Four Financial Tips for a Surviving Spouse

Losing a spouse is never easy. In addition to the grieving process, you face some new financial duties and obligations. It may seem especially daunting if you have never managed the family finances before. The good news is that you can take control of the process by following these tips:

1. Seek Assistance

It may be difficult to stay focused during this difficult and emotional time. Rather than try to take on the task of organizing your financial life, ask a loved one for help. You might also consider contacting a financial adviser if a loved one isn’t available, or if you’re dealing with complicated financial issues.

2. Organize Important Documents

During this time, you will need to gather important documents. It’s a good idea to keep them all in one place where you can easily access them. These documents include things like a will, life insurance paperwork, birth/death certificate, and more.

3. Review Your Bills

Although it may be the last thing on your mind, it’s important to stay on top of your bills. Make a list of all the bills for which you are responsible, and be sure to put them in your name. Then find out which accounts are enrolled in automatic payment versus paid manually. You might need to write this all down in the beginning to keep the information organized and avoid missing any payments.

4. Contact Creditors

If you held any joint accounts with your spouse, contact your creditors as soon as possible; ask them to remove your spouse’s name. Otherwise, you can leave yourself vulnerable to identity theft. However, once their name is removed, consider keeping open any long-standing accounts. These are good for your credit history.

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