The unexpected challenge of a spouse's death can be overwhelming. You have to make so many critical decisions when you are emotionally drained. It can be hard to know where to start, here is a simple set of steps, questions and documents. This may help you organize your thoughts and maybe some control.
TAKE ACTION: WHAT TO DO FIRST:
- Go to the county office for 20+ original copies of your spouse's death certificate
- Surround yourself with a team of trusted professionals
- Notify your spouse's employer and ask their human resources department how quickly you can get COBRA health coverage started
- Notify the insurance companies
- Collect ALL the paper work on checklist
LEAN ON YOUR PROFESSIONAL TEAM
Questions for your attorney:
- Do I need a new will?
- Do I need a new trust?
- What do I need to get done in the next 90 days?
- Is there anything I need to be aware of to protect myself and my children?
Questions for your LPL Financial Advisor:
- Do I have enough income to last my lifetime?
- Can I afford to keep my house?
- What do I do with insurance proceeds and are they taxed?
- Is my insurance enough to protect my children?
- Do I have enough for my children's college education?
- How does this affect my Medicare coverage?
- What happens with my spouse's required minimum distributions ( RMDs) and retirement assets?
- What are my Social Security options?
Questions for your accountant:
- Do I have tax payments due?
- What are your estimates for me/the estate over the next 12 months?
- How does my spouse's death affect my future tax payments?
- Can you work with my Financial Advisor to cover all the bases?
GATHER KEY DOCUMENTS:
- Birth certificate
- Marriage certificate
- Deed to your home, all real property
- List of credit cards
- Titles/lease to house, plane, boat, autos....
- Employer stock option paperwork
- POA (Power of Attorney) DPOA (Durable Power of Attorney)
- Your own medical directive
- list of tangible assets
- Insurance policies, any and all
- Current brokerage statements
- Recent copy of joint tax return
- Mortgage payment statement
- Military discharge papers
- Business partner agreements
- Art and jewelry owner certificates of value
- Charitable trust documents
- LLC documents
- Pre-nuptial agreement
- Citizenship papers
- Burial contracts
- Organ donation form
LPL Financial does not provide legal, tax,or accounting advice. This material should be used as helpful hints only.