The death of a spouse can be devastating. Whether you were just married or spent decades together, losing your life partner leaves a hole like no other. It also leaves a long list of tasks to complete, though few require immediate attention.
“They don’t need to do anything right away,” says Patrick Simasko, an elder law attorney and financial advisor with Simasko Law in Mount Clemens, Michigan. He says a surviving spouse should take time to grieve before making big decisions.
When you are ready, tackle the following financial tasks:
— Gather estate and financial documents.
— Request death certificates.
— Notify financial institutions.
— Claim life insurance benefits.
— Open probate, if needed.
— Change beneficiaries.
— Update estate planning documents.
— Review finances and do some tax planning.
[READ: What Happens to Social Security Benefits When You Die?]
Gather Estate and Financial Documents
Stephanie Temporiti, wealth advisor at Hightower Signature Wealth in St. Louis, says financial tasks after a death fall into the categories of now, soon and later. “Now” tasks include funeral planning as well as gathering information required for the steps to come.
Look for the following:
— Will
— Life insurance policies
— Financial statements
— Prenuptial agreement, if applicable
— Passwords to access digital accounts
“Unfortunately, a lot of surviving spouses are women, and they don’t know what the assets are,” says Avigail Goldglancz, partner with law firm Farrell Fritz in New York City. If you aren’t sure what assets or accounts your spouse owned, checking past tax returns might help.
Request Death Certificates
To update accounts and claim life insurance benefits, you’ll need certified copies of the death certificate. Funeral homes often help families obtain these certificates, and Simasko recommends getting 10 to 12 copies to ensure you have enough.
Goldglancz suggests reviewing the description of death on the certificate to ensure it is accurate. That could be important for claiming life insurance.
Notify Financial Institutions
Social Security should be automatically notified of your spouse’s death, but you’ll need to reach out to other institutions individually. If you are a joint owner on an account or a beneficiary, the process of transferring assets to your name is relatively simple. Otherwise, you may need to go through probate to gain access.
“Don’t run out and pay off all the credit card bills and medical bills in the name of your spouse,” Simasko says. “They are your spouse’s bills, not yours.”
If probate isn’t required after your spouse’s death, then there may be no need to pay them. However, Simasko says some credit card companies present spouses with a form that, if signed, results in them assuming the debt. So read carefully before signing any paperwork.
It can also be a good idea to freeze your spouse’s credit. “There have been cases when people would read obituaries and then open credit card accounts (in the name of the deceased),” according to Goldglancz.
A credit freeze can be initiated by contacting the three major credit reporting companies: Equifax, Experian and TransUnion.
Claim Life Insurance Benefits
There’s no time limit on when you can claim life insurance benefits, but if you need money to cover the funeral or other costs, you might want to take this step sooner rather than later.
If you are the beneficiary of a life insurance policy, filing a claim usually involves completing a form and sending a copy of the death certificate. These claims usually “pay out pretty quickly,” according to Temporiti.
You may also need to contact other insurers — such as those for health, dental or disability — to cancel your spouse’s coverage. If your spouse held policies through an employer, the company’s human resources department should take care of this task.
Open Probate if Needed
Probate court oversees the execution of wills and the distribution of assets that don’t have beneficiaries.
“If all the assets are held jointly, then there may not be a need to go to probate,” Goldglancz says. In that case, your spouse’s name is removed, and you become the sole owner, assuming no one else shares ownership of the account.
Depending on your state, you could have years to initiate probate. However, if you plan to disclaim any assets — that is, decline them — you generally need to make that filing within nine months. If your spouse tried to disinherit you in the will, you are still entitled to a portion of the estate, but you may need to exercise your right to that claim within a specific period of time.
[Read: Estate Planning Tips to Keep Your Money in the Family.]
Change Beneficiaries
Couples commonly have each other listed as beneficiaries on retirement, bank and brokerage accounts. When your spouse dies, you will want to update these beneficiary designations on your own account to indicate who should get the assets when you die.
Update Estate Planning Documents
In addition to updating beneficiaries, you probably need to overhaul all your estate planning documents, including your will, power of attorney and healthcare designee.
Simasko suggests waiting until after all the services take place before making decisions about heirs. “Weird stuff happens at funerals,” he says.
If you aren’t sure where to begin with estate planning, look for a trusted professional to help.
“It’s a great time to get connected with a financial planner because they can help coordinate all these things and take work off a surviving spouse,” according to Temporiti.
Review Finances and Do Some Tax Planning
Both your income and expenses are likely to change after the death of a spouse. Whether you work with a professional or DIY your budget, you’ll want to reevaluate where you stand financially and perhaps amend your future goals.
“You have a good opportunity to pull extra money out of retirement plans,” according to Simasko.
A newly widowed person will file their next return using tax brackets for married couples but may be reporting significantly less income. That may make this first year a good time to pull additional money from traditional IRAs or 401(k) accounts if you are older than age 59 1/2. Even if you don’t need the money, you are likely to pay less tax on the money now than when you are filing under single taxpayer brackets in the future.
Talk to a tax professional for more information on this and other tax savings strategies.
[READ: How to Pay Less on Retirement Account Withdrawals.]
Be Mindful of Your Mental Health
Throughout this process, be aware of your own emotional and mental health needs. Most money matters can wait.
“There are decisions that definitely shouldn’t be done in the first year,” Temporiti says. “Don’t make big financial decisions while in heavy grief.”
National nonprofits such as Gilda’s Club and GriefShare offer bereavement support services that some people find helpful. Others find their grief is more manageable when they stay connected to family and friends. If your spouse was in hospice prior to their death, the hospice provider may have grief resources available, or you can call 2-1-1 to find other assistance options in your area.
More from U.S. News
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The 401(k) ‘Super Catch-Up’ Contribution Guide for Ages 60+
A Retirement Plan for the Longevity Age
Checklist for Handling the Death of a Spouse originally appeared on usnews.com
Update 05/27/26: This story was previously published at an earlier date and has been updated with new information.
