Survival strategies for surviving spouses
Evans Attwell
Senior Vice President
Frost Bank
It’s one of life’s most distressing experiences—the death of a spouse. Whether it is sudden or long-expected, the resulting emotions can leave the surviving spouse feeling confused, insecure and helpless just when he or she must take on some of the most critical financial tasks of a lifetime.
If you lost your spouse, what would you need to do to get through the first days of dealing with such a difficult life experience? It takes a plan, say financial experts, and some of the first steps are among the most important.
Assemble a “support team” that includes a CPA, attorney, wealth advisor and perhaps a trusted family member or friend with good financial skills and instincts. Especially in the first months, even simple tasks may seem too difficult to manage. Your team can help you when you’re least able to attend to details.
Take care of the essentials first. Some financial tasks can and should wait until you have a clearer idea of how you want to move into the future. Others can’t be put off. Among those that need immediate attention:
- Order 10 to 25 certified copies of the death certificate to provide to insurance and service providers who request a copy.
- Locate important documents, including the will, trust documents, powers of attorney, financial statements, insurance policies and personal property documents. You’ll also need Social Security numbers, birth and marriage certificates, vehicle titles and property deeds.
- Contact your spouse’s employer to determine what benefits, such as unpaid salary and bonuses or stock options, you might be entitled to claim.
- Contact banks, pension plan administrators, insurance companies, credit card companies and other organizations where your spouse had accounts. Also notify Social Security.
- File to collect life insurance benefits for which you are a beneficiary.
- If you are not the executor of your spouse’s estate, meet with the designated executor to discuss what steps he or she will be taking to settle the estate.
Postpone large life decisions until you’re on an even keel emotionally. Although putting your house on the market or moving across the country may seem reasonable in the moment, taking life-changing steps before you’ve had time to recover your equilibrium could be a mistake. Take a breather, get the counsel of professionals and think through how you want to move forward before you make major changes that are difficult or impossible to reverse.
Would you like more information? Contact Evans at 1.713.388.1367 or evans.attwell@frostbank.com.
Investment and insurance products are not FDIC insured, are not bank guaranteed, and may lose value.
Brokerage services offered through Frost Brokerage Services, Inc., Member FINRA/SIPC, and investment advisory services offered through Frost Investment Services, LLC, a registered investment adviser. Both companies are subsidiaries of Frost Bank.
Additionally, insurance products are offered through Frost Insurance.
Deposit and loan products are offered through Frost Bank, Member FDIC.
Frost does not provide legal or tax advice. Please seek legal or tax advice from legal and/or tax professionals.