Life Event Checklist: Death of Spouse

When life throws you a curve ball it is good to be prepared with a plan. With 30+ years of combined financial planning experience we have seen it all! Please feel free to utilize the following checklist to help navigate these uncertain times in your life.

Death Of Spouse

Credit Report – Contact credit reporting agencies to freeze your deceased spouse’s credit.
Joint Accounts – Contact the financial institution to have these re-registered in your name.
Beneficiaries – Review personal and work policies to request payouts where applicable. For IRA accounts, a spouse has the ability to continue deferring taxes. Contact a tax or financial professional for assistance. Also, adjust your beneficiaries if your spouse was listed.
Will, Health Care Proxy & Power of Attorney – Important documents to review with your Attorney. It’s equally important to update your documents in this situation.
Budget – Adjust as necessary.
Life Insurance – Contact the company for payout options. Typically, these are not taxable but always consult a tax professional.
Pension – If your spouse selected a joint payout, contact the company to claim benefits.
Health Insurance – Contact your provider to determine continued eligibility and options.
Auto Insurance – Contact to remove your deceased spouse from the policies.
Social Security – Contact to update benefits.
Roth IRA Eligibility – A reduced income might mean you are no longer eligible to contribute. Contact your financial or tax professional for guidance.
Titles and Deeds – Homes, vehicles, land, etc. typically have a title or deed and if these were in both your names, contact the holding organization to request a change.
Account Review – Often one spouse is in charge of the family finances. Before a tragedy strikes, it can be quite helpful for both spouses to annually review financial related matters. In single person homes consider reviewing these items with children or trusted friends.

For assistance navigating a Life Event please contact us:

Spencer Corzine – 888-738-7018

Will O’Donnell – 585-754-3948

Donald Burger – 585-924-3069

Kyle Wentland – 585-500-6025