What Does Losing a Spouse Mean Financially?

Losing a spouse is, undoubtedly, one of the most devastating experiences a person can face and is difficult to even contemplate. However, it is important to consider and plan for the financial implications of a spouse passing before that day arrives. Then, when that unfortunate time comes, your sole focus can be on grieving and healing rather than facing financial turmoil or stress.

The first step you can take when approaching this matter is to speak with your spouse and ensure that both of you understand what assets you have (as a couple and individually), as well as where they are located. It is also important to discuss whether or not there are life insurance policies in place, who you will each be naming as survivor beneficiaries, and whether or not either of you has a pension or retirement plan. This helps to provide you both with an understanding of what you have individually, what you have as a couple, and what each of you will have when the other passes.

The next step is to gather important documents and put them all in a secure, memorable location that you will be have easy access to if needed (ex: a locked filing cabinet in your home or a safety deposit box). Documents you may need include: each spouse’s Will and a list of assets, all insurance policies, social security numbers, your marriage certificate, your children’s birth certificates, titles on vehicles as well as properties, and any relevant Estate Planning documents.

If you need assistance with the creation and development of Estate Planning documents or if you have questions, the skilled attorneys at Bach & Jacobs are experienced in Estate Planning. For help regarding these matters, contact our office at 941- 906-1231 to schedule an appointment with one of our attorneys.