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After the Grief Come the Details: What to do Following the Death of a Spouse

After the Grief Come the Details: What to do Following the Death of a Spouse

October 09, 2022

Losing one’s spouse or life partner is a traumatic experience. It requires coming to grips with a new routine and new responsibilities.

The first days are a blur of arrangements and phone calls. Friends and family surround you; neighbors drop by with casseroles. But when the rituals are over, eventually everyone returns to their own lives.

At One Financial Services, we understand this can be a difficult and confusing time. Our One Financial Services family is here to support you and your family with some important tasks that should be addressed.

It will be necessary to notify all relevant government organizations beginning with Social Security which may result in your benefits being adjusted. This will also apply to any pension plans held by your late spouse as well as veteran’s benefits if your spouse served in the military. 

Be prepared to contact all your financial institutions. Create a list of each one that includes account numbers, balances, and personal contacts.This list should include banks, credit cards, mortgage companies, insurance companies, and all other important bills. The decedents name should be removed from all of these accounts.

Retitle any real assets such as property or cars by removing the decedents name. 

Be sure to check for any life insurance policies held by your spouse and file the claim. This is usually a quick and easy process, the proceeds of which can be helpful when settling final expenses.

You will want to not leave the assets you inherited in joint names or the name of your deceased spouse. The original spouse’s assets need to be retitled into the name of the surviving spouse. To not do so will leave your heirs with a difficult and complicated process

And very importantly, consult with your One Financial Services advisor. They seek to assist you to change account titles and filing beneficiary paperwork for IRAs, 401k(s), etc. And they will help you to update your estate plan. If your spouse was your beneficiary, you will need to update all of your accounts, insurance policies, and estate documents, to reflect your new beneficiaries.

After losing someone you love all the paperwork that follows can seem overwhelming. At One Financial Services, our team is dedicated to making a difficult time a little bit easier.

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.