Keywords: Death of spouse, death certificate, will, insurance policies, beneficiary designations, trustees, credit status, credit history, net worth statement, investment portfolio

The untimely loss death of a spouse leaves you with many feelings and responsibilities that you may never have experienced before. As a surviving spouse, the initial shock of losing a loved one can be devastating and overwhelming. Your life has the potential to change in many ways, including financially…just how much it will change depends on what stage of life you are in and how involved you are in the financial activities of your family.

The professionals at Spectrum Financial Services can help you through this difficult time. We will treat your financial future as carefully and thoughtfully as if it were our own. Outlined below are some of the basic steps you can take to help ease you through this difficult time in your life. You are free to use this information as a checklist to navigate through the financial turbulence that follows the death of a husband or wife.

But, before you engage in the journey below, we encourage you to ask for help from family members, friends, financial advisors and others who can help ease the overwhelming loss you may feel. Allow them to not only offer comfort, but also to make phone calls, write notes, and be involved with your decisions. The people around you want to help! Coping with the loss of a loved one is not something that you should go through alone.

Once you have your support staff identified, take one step at a time.

1. Make copies of the death certificate
One of the first steps you should take is to make copies of your loved one’s death certificate. The number of copies you’ll need depends on the number of firms and organizations who handle your financial and estate matters. Note: You will need certified copies of this document to change account and asset titles.

2. Locate important documents
The following list of documents and records will be important as you move through this process. Contact your attorney, bank and investment representatives to help you identify and find this information:

• Will • Deeds • Insurance policies • Stock and bond certificates
• Bank and brokerage statements • IRAs and other retirement accounts • Annuity contracts • Employee benefits

3. Re-title your property and financial accounts and update your beneficiary designations
Once you have located the documents listed above, contact your bank and brokerage firm to re-title your accounts and change beneficiaries, if necessary.

4. Review your will and/or trust
Have your attorney review your will carefully and make any necessary changes to ensure your current intentions are accurately reflected. If you have a trust already established, check the titling of assets and make revisions as necessary. If you do not have a trust, inquire with your attorney about establishing one for further instruction for the management and disbursement of your assets. Also, ensure that guardians and trustees for minor children are identified to avoid further legal troubles down the road.

5. Determine what retirement money is available to you
As a surviving spouse, you may be entitled to retirement assets. These assets may have a number of different ways for taking possession or for distribution. Your investment professional can help you identify the appropriate and most advantageous methods of obtaining these retirement funds. Remember to contact the Social Security Administration, as you may be eligible for benefits prior to retirement, at retirement, or for minor children.

6. Check your credit status
Obtain copies of your credit report and review it for any errors, changes or updates. If you do not have a credit card, you should consider applying for one so you can start establishing a credit history on your own.

7. Understand your cash-flow needs
The death of a spouse has most likely changed – and probably diminished – your household income. Start by identifying your necessary, ongoing expenses that need to be paid promptly, such as: mortgage or rent payment, utility bills, food and medical expenses. You may need to make cutbacks in some areas to adjust for less income.

8. Complete a net worth statement
What is your net worth? A net worth statement is basically a list of what you have and what you owe. This information will help you better understand the potential resources you have available to sustain your short-term and long-term income needs, especially if your household income has changed.

9. Review your investment portfolio
Due to the sudden change in your life circumstances, this is an appropriate time to carefully review your investments to determine if they match your financial goals, time horizon, and risk tolerance. The investment strategies that you and your spouse had outlined in the past as a couple may no longer make sense for you as an individual.

10. Re-assess insurance needs
You should check all of your insurance policies to determine if they still match your current needs. As you are reviewing your policies, designate your preferred beneficiaries, where necessary. If you are retired, you may want to increase medical coverage and/or purchase long-term care insurance. Check with your financial adviser to determine what coverage suits you best.  

The emotional trauma of losing a spouse is difficult. Let the investment professionals at Spectrum Financial help you gain a clear understanding of your financial situation and give you confidence for the years ahead.

Contact the investment professionals at Spectrum Financial Services if you have questions or need assistance at 515.255.3306, e-mail us at info@sfsplanners.com, or visit our website at www.sfsplanners.com

Spectrum Financial Services is not engaged in rendering legal or tax advice. Individuals should consult with their own legal or tax advisor concerning their specific situation.

Securities and advisory services offered through VSR Financial Services, Inc., a registered investment adviser and member FINRA / SIPC. Spectrum Financial Services is independent of VSR Financial Services, Inc.