Planning for a Spouse’s Death

The death of a spouse is a somber and challenging topic to discuss, however, it is crucial to do so in order to secure your finances and estate.

While you and your spouse may have already prepared documents such as powers of attorney and advance directives, there are several other areas of end-of-life planning for which you should discuss and prepare.

In the ever-changing digital world we live in, it is very important that both you and your spouse know the passwords and specifics to your online accounts and digital assets. Passwords can be easily lost and forgotten so make sure they are written down in a protected space. Not only should passwords be kept safe, but also account numbers, key contacts, and PIN numbers. It is also a good idea to keep important documents such as birth and marriage certificates, vehicle titles, life insurance policies, and mortgage documents in a safe and organized place.

Lastly, both spouses should be familiar and comfortable with your financial advisors and actual finances. Oftentimes, couples will delegate financial accounting to one partner who will do the taxes and be responsible for important financial information. While this may be a convenient system, it is leaving one spouse in the dark about their finances and assets. By sharing the responsibility of financial accounting, couples can properly prepare for end-of-life care and financial management.