Collect all key documents

As the surviving spouse, your first financial order of business is to collect the documents required to handle your spouse’s financial affairs.

Within a couple weeks of their passing, you’ll want to order at least 10 certified copies of the death certificate, which is typically available from the funeral home or can be ordered through the city clerk’s office, county registrar, or local health department. These are critical since most financial institutions, government agencies, and creditors require a death certificate before they’ll allow you to take any action, such as closing accounts, and insurance companies also require one to pay survivor benefits.

Then, gather the documents that will help you identify any assets and debts, and submit benefit claims. These include:

· Your spouse’s will and trust (if applicable)

· Beneficiary designations for retirement accounts, pensions, and insurance policies

· Their most recent tax return

· Recent pay stubs

· Insurance policies

· Financial statements for checking, savings, investment, and retirement accounts

· Credit card statements

· Mortgage statements and other home-related documents

Next, if the executor of your spouse’s estate is someone other than you, set up a meeting to go over these documents and discuss the legal and tax issues related to settling the estate.

You (and the executor, if necessary) may then want to review such issues with professionals, including your financial advisor, CPA, and an estate planning attorney, who can explain the various rules and guidelines involved in administering estates, including the probate process—the legal process of executing a will.

Settle the estate

Within three months of the funeral, cancel your spouse’s cell phone, memberships, and subscriptions that are no longer needed. Pay any outstanding bills and plan to have tax returns for your spouse prepared, or request an extension, by April 15.

To prevent potential fraud or identity theft, cancel credit cards for which they were the sole account owner, and update your joint cards to remove them from the account. You’ll also want to send a copy of the death certificate to each of the credit reporting agencies so no one can open any new accounts in your spouse’s name.

Next, contact the institutions where your spouse had accounts, such as banks, brokerage firms, and insurance companies. In general, assets held jointly will pass directly to you without needing approval from a probate court. That said, you may need to request that joint bank account funds be released to you. You can change the property titles of other joint assets, such as a mortgage or any vehicles, into your name by contacting your mortgage company or local county assessor and your state’s Department of Motor Vehicles.

For retirement and pension funds, ask the administrators to guide you through the process of applying for benefits and having ownership of assets transferred to you and the deceased’s other beneficiaries (if applicable). For example:

· If your spouse had an IRA or other retirement accounts, find out if (and when) you will be required to take distributions from them.

· If your spouse had a pension through a former employer, ask that company’s benefits office about benefits or other income you may be entitled to.

As you navigate this challenging process, consider this final suggestion: Try to avoid making any immediate decisions about assets you inherit—such as an insurance payout, an IRA, or a brokerage account—especially if you are still feeling highly emotional. Instead, consult with a trusted investment professional or your CPA about tax issues related to the inheritance as well as to get objective advice about managing the assets as you plan for your future.

Donald Daigle is an Independent Branch Leader and Financial Consultant at Charles Schwab. He is a graduate of Harvard University with 32 years of investing experience locally in South Jersey. Some content provided here has been compiled from previously published articles authored by various parties at Schwab.

Employees of Schwab are not estate planning attorneys and cannot offer tax or legal advice, or create and prepare legal documents associated with such plans. Where such advice is necessary or appropriate, please consult a qualified legal or tax advisor

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