Coping with Grief
After the loss of a loved one, it is essential to give yourself enough time to process your grief. You may feel that the various tasks you need to handle seem overwhelming, so remember to take breaks and allow yourself to go through this phase. To facilitate coping with grief, the National Institute on Aging recommends the following:
- Attend grief counseling sessions or support groups for people who have lost their spouses
- Postpone making major life decisions, such as leaving your home or job, until you have the opportunity to mourn
- Maintain regular visits with your healthcare provider
- Lean on your support system, including children, friends, and community members
- Practice self-care by ensuring you eat healthily, get enough sleep, and avoid excessive alcohol consumption
- Take steps to stay active, such as joining a fitness class
Note: Remember that grief varies from person to person. It is an individual experience, and there is no wrong way to grieve the loss of your partner.
Keeping Good Records
Coping with what comes after death is easier if you are prepared for it in advance. If possible, both partners should continue managing their shared financial matters throughout their lives. If both partners are aware of their financial expenses, it will be easier to understand the financial situation in the event of loss. It is also easier to manage finances after death if you and your partner keep detailed records related to financial issues during your lives.
If you have the opportunity, you should keep all important financial documents in one place. In addition to personal records like birth certificates, employment information, and education records, the National Institute on Aging recommends gathering the following:
- Social Security and healthcare (Medicare/Medicaid) information
- Sources of income and assets like retirement or 401(k) accounts
- Insurance policies with agent information
- Names of your banks along with all account numbers and credit and debit cards
- A copy of your most recent tax return
- Details about bills, including mortgage, property taxes, and debts
- Investment accounts, including Payable on Death (POD) agreements
- Vehicle title and registration
- Property deed for your home
- Information about a safety deposit box (and its key), if you have one
- Advance directives, such as a living will and healthcare proxy, which are used to define the medical care you will receive in the event of incapacity
- Your most recent will and testament
If all of these documents are available in one place, the surviving spouse can easily find all the information they need to respond promptly after their partner’s death.
Note: You can obtain advance medical directives from attorneys, healthcare providers, state public health departments, or local aging agencies.
Documents You Might Need
After a death occurs, it is important for the surviving spouse to obtain a death certificate. Many banks and financial institutions may require this to provide survivor benefits or change the names on joint accounts.
You will also need to gather the records mentioned above, which should ideally be in one place. These documents will be critical for ensuring the deceased’s bills are paid, transferring all assets to new owners, and claiming all death benefits.
Note: A good rule of thumb is to have 10 copies of the death certificate, as many organizations and institutions will require this information when rearranging financial matters.
In most cases, a death also means that you will need to probate the estate. This requires visiting the court and going through a formal legal process to distribute the deceased’s assets. You will need several documents to manage the probate process, and these can vary by state. These documents may include:
- Accounting forms where you list the estate’s assets
- Application for probate
- List of the deceased’s surviving relatives
- Copy of the death certificate
- Detailed certificate explaining the cause of death
If
You may not be sure how to start the probate process or may not want to navigate court procedures on your own, consider hiring an estate planning attorney.
Financial Steps to Take After the Death of a Spouse
After the death of a spouse, you will need to take several steps to arrange your financial affairs. These steps include:
- Notify government agencies: You will need to inform Social Security (SSA), the post office, and the Department of Motor Vehicles (DMV) of the death, so that the spouse is marked as deceased. This will help reduce the risk of identity theft.
- Send the death certificate to credit reporting agencies: Social Security will notify credit reporting companies like Equifax, Experian, and TransUnion of the spouse’s death. However, there may be a long delay between when Social Security informs these companies and when they update the spouse’s status. This can lead to administrative errors. It is best to take this step yourself to minimize the risk of identity theft.
- Notify financial institutions: Credit card companies, banks, and other financial institutions should be informed of the spouse’s death. If the spouse had debts, you will not be responsible for paying them unless you were joint account holders, but creditors may attempt to recover them from the deceased spouse’s estate during the probate process.
- Address unpaid hospital bills, nursing home costs, and funeral expenses: These bills are supposed to be paid from the deceased’s estate. However, there may not be enough money to cover these bills. State laws vary regarding when family members are required to cover unpaid bills. Laws also differ regarding when Medicaid can attempt to recover assets from the deceased if it covered costs.
- Prepare a list of outstanding bills: If you have joint accounts, you will still be responsible for paying your creditors. Create a list of bills due in the coming months so you do not forget any.
- Apply for benefits: You may be entitled to survivor benefits and/or death benefits from Social Security or the Department of Veterans Affairs. If the spouse had a pension, you may also be entitled to continue receiving income from it, depending on how the pension is structured.
- File a life insurance claim: If the deceased spouse had a life insurance policy, you will need to follow the insurer’s instructions to claim the death benefit.
- Update your records: You may need to change your own will and update your power of attorney after the death of your spouse.
- Enroll in health insurance: If you were covered under your spouse’s health insurance policy, you may need to take time to enroll in your own coverage.
- Start the probate process: Many estates must go through probate. This involves filing paperwork with the court and allowing creditors an opportunity to make claims and completing legal proceedings to officially transfer the deceased’s assets. The probate process can take anywhere from nine months to a year and a half, or longer in some cases.
When It’s Sudden and You’re Not Prepared
If your spouse dies unexpectedly, you may not have the financial documents you need or know what benefits you are entitled to. Speaking with a lawyer or financial advisor can be beneficial.
An attorney can work with you to understand inheritance laws, which dictate who inherits what if the spouse had no will. An attorney can also help you figure out techniques you can use to track financial accounts and discover benefits you may be eligible for.
Conclusion
The death of a spouse is always painful. Remember to take your time and get the help you need, whether in dealing with grief or arranging your financial affairs. If you feel lost or need additional assistance in the process, do not hesitate to reach out to loved ones, healthcare professionals, and financial experts for guidance.
Source:
https://www.thebalancemoney.com/how-to-deal-with-marital-finances-after-death-and-divorce-1289263
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