When your spouse or partner passes away, the last thing you want to think about are the financial issues you must address.
But you’ll have to take action and make important choices before it’s too late. Delaying these steps can put you and your loved ones in financial uncertainty, or even in avoidable hardship.
You’ll need to be involved in settling your spouse’s estate. You’ll need to figure out if you’re responsible for any outstanding debts—and what those are. You’ll need to decide what to do with your spouse’s life insurance policy payments, and with their IRA and 401(k) assets.
Most importantly, you’ll need to understand the full financial picture and how it may impact your life, your children, and grandchildren.
Even with family and friends there to help, preparing for this next stage of your life can seem overwhelming, especially if you were never involved in managing your family’s finances and investments. Working with a qualified, fee-only fiduciary financial advisor can help you sort through these difficult issues.
How do I estimate and generate the income I’ll need to live on?
Which of my spouse’s accounts and assets will need to be settled through probate—and which won’t?
What documents do I need to file to receive distributions from my spouse’s life insurance policies and retirement accounts?
How do I find out whether I’m eligible for Social Security death and survivor income benefits?
Am I responsible for paying off my spouse’s credit card and other debts?
Will I need to pay estate or other taxes?
How do I invest any inherited assets to help generate the income I need right now and later on?
We won't sell your data. You decide which advisors to talk to. And you won't receive any pushy sales calls from Wealthramp
We won't sell your data. You decide which advisors to talk to. And you won't receive any pushy sales calls from Wealthramp.