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Today we’re going to focus mostly on the financial aspects and some of the administrative aspects that you should take care of after your spouse passes away. The emotional aspects involved in losing a spouse are something totally different, but let’s focus on the financial part for today.
1) The first decision you’re going to want to have to make involves organizing the funeral. In order to plan the funeral effectively you will hopefully have sufficient cash flow in order to pay for everything required.
– If not, you need to make a withdrawal –where’s that coming from? RRSP? TFSA? Who knows. Hopefully you can rely on someone like your investment advisor to help you with that decision if there is an immediate cash need.
2) Pension/Insurance
– Once the funeral has passed, you will have a bit more time. You can start thinking about other things such as the Canada Pension Plan (CPP) benefits, CPP survivor benefits, and pension benefits. If your spouse worked, they may have had some pension benefits, some survivor benefits and maybe some life insurance at work.
– With life insurance, you will want to dig deep into the policy, to see what your spouse had in terms of coverage. Collecting life insurance isn’t a one-day process. You will need to take the time to properly fill in and submit the forms before you are able to collect. Be sure to check with yours and your spouse’s work to figure out what other policies they may have. You will also need to apply for income assistance if required.
– If there is a cash flow need, there might be a desire for income assistance. That’s a process, and you will get a subsidy for your income.
3) Administrative
– You will also want to take care of a whole bunch of administrative (admin) things. This includes things such as your bank accounts, changing your bank accounts, credit cards, and cell phones. But even on the admin side, there could be things such as RRSPs and RRIFs. You will want to make sure that you take a look at the RRSPs and RRIFs.
– You will want to contact your financial institution in order to take out anything they have. Hopefully you’ve been quoted as the beneficiary on that. It’s a fairly easy, smooth transfer from RRSP to RRIF. However, you will need a death certificate, or a copy of the will for transferring those into your name. You will also want to claim the life insurance. At this point you should also probably create a budget.
– What we often see is that one spouse is in charge of the finances and the other spouse is sometimes left behind. If it so happens that you’re the spouse that’s in charge of finances, you probably have an idea of what your budget is. You probably have an idea for what your monthly expenses are. You’re probably okay.
– If you happen to be the spouse that’s kind of in the dark with respect to finances, this is extremely important. You will want to talk to your planner or your investment advisor. You’re going to want to create a budget, because now there’s a whole bunch of income that is no longer coming in.
4) Back on the admin side, you’re going to want to apply for credit cards in your own name, you’re going to want to ensure that everything that is jointly held is going to have to be converted to your own name.
5) You’re also going to want to make sure that you decide if you have any ongoing large expenses such as house renovations. How are you dealing with those? Are you continuing them or are you kind of cutting those off?
– How are you going to deal with that if it’s a painful thing for you to be in that home, or if you don’t need the space that you had? Maybe you’re retired, and you had a very large house or very large condo and you don’t need all that space anymore.
– Consider moving if it’s a need for cash flow. Now, all of this is going to matter with respect to creating a plan. It’s critical when you go from two incomes to one or when you go from a one pension to none, or you have all these extra expenses that didn’t exist before.
6) This would be a very important time for you to review your financial plan, or get one set up if you don’t currently have one. Additionally, after all of this, you’re going to have to deal with the will – probating the will, getting the estate set up, and paying the estate tax bill.
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Now, how do I figure out my widows pension amount at 60 now,When I was told I’d receive 100% of my husbands retirement that it would be as if he was here and were to receive it. I was told on phone interview it would be over $2,000 it doesn’t match the amount they sent in the letter. $1494? he was active duty died in line of duty and military related. I never remarried he was only married to me. How do I figure up the correct month when they didn’t give me any results or calculations that they used. Can you tell me how I know they didn’t cheat me out of money when they cheated millions of people out of SS benefits in 2018? They had my husbands line of duty death as July 15th 1993 it was July 4 1993.
Good Day!!!
Im Living in Philippines.Im married with American Citizen last year 2011 since my husband left from philippines.Im waiting for my Immigrant 13-A Petition to US.When the Tyhoon Haiyan hit in Philippines i didnt heard my husband anymore..We loss contact each other and just last week i saw him in the news that he died already last October 31,2021.
Im asking from your office a good advice from you all if i have a benifits that i can claim from my husband loss
I will appreciate if you will reply me back as soon as possible.Thank You so much.
Respectfully Yours,
Rose
PHILIPPINES
Good Day!!!
Im Living in Philippines.Im married with American Citizen last year 2011 since my husband left from philippines.Im waiting for my Immigrant 13-A Petition to US.When the Tyhoon Haiyan hit in Philippines i didnt heard my husband anymore..We loss contact each other and just last week i saw him in the news that he died already last October 31,2021.
Im asking from your office a good advice from you all if i have a benifits that i can claim from my husband loss
I will appreciate if you will reply me back as soon as possible.Thank You so much.
Respectfully Yours,
Rose
PHILIPPINES
Hello Sir..I married to US citizen last 2011,Im living in Philippines now.While waiting my Immigrant Petition 130A after our married.We loss our contact due for Typhoon Haiyan..We never meet again with my husband.Many times im searching him but cannot find him..then suddenly,i saw in the internet google that he passed away last 2021. Now im 40 years old,my husband died at 84 years old..my question,am i eligeble for widow survivor benifits?pension benefits?please help me..Thank you
Rose in Philippines
Am also a widow single mom with four children looking for help bcz I can't manage to look after those fatherless children alone
Hi Sir,
My father was Sarcoma cancer patient and He Passed Away june/2021 In pakistan. My mother live in pakistan and has never been London. How She Can Get His Pension and Benefits?
She need financial Support.
Thanks
No funeral will be planned. He will cremated, if not already. He died Oct. 3, 2021
I live in oklahoma. My common law husband of almost 14 years passed away. We had a child together and were both collecting survivor benefits. My question is: us being common law married, we shared a bank account, filed taxes joint married, can I collect survivor benefits when I hit 60?
Hii I'm single boy I need widow woman I will always make her happy thanks.
Loss my wife last year I have been in search of true love
I am widower about five years ago and I have five children one in Nursing training and two also in senior high school and two also in primary school and for that I need your help
hello sir im 30years old women iam widow woman .i jve two kids .they have 4year and 10year i and my one kid pr and my other kidscitizen of canada so i need widow pension bit what i do and howcould widowpension give me monthly please replied
Mare ami bewah ha kia ap un ki help kr sakty ha
Hi good day!
I just ask sir I'm legal wife and we have 1 child boy he's 3 years old now. My husband pasaway as legal wife I'm only one to pay everything funeral expenses for buried my husband. Since i buried my husband i don't get anything benifits most our son. My husband he have 3 daughters the first wife. My husband he have last will but says lawyer of my husband the last will is invalid. When i hear that the last will is invalid I'm just crying! Sir i don't know what to do. I can't afford for lawyer because of pandimic my stations. What my right and my son to can able to get benifits. Hope you can help and advice me thand you god bless you
Sincerely
Mrs Corware
good daiy i need advice. my comon low /or live in prtner diedlast march 2021 this yr. we live in almost 10 yrs. i remember he apply his pension in the phil.. im the one sign i think im the benefecieries. his applying single in his pension because his a devource to his canadian wife.. now ..he died in the phil. in my hand.. anny help or benefits i can follow up .. because we owed big in the hospital and need to pay his pension cut off im marivel jutba live in phil
My husband died last nov.10 2020 her in philippines ssa pensioner what benefit im qualify , im 57 years old have illness can not work any more .can you help me?
My mother applied for widows pension when my father passed, he served with an honorable discharge . can you give me/her advice what way to get this for her.because 600 a month .she isn't making it at all
My husband is canadian. His retired 1.736 by month. In case he die how much percent i would receve by month as pension?
I don't have any income sources..from anywhere i am handicap & i have blurry vision & other problems from last 2 yrs
I not filled for any benefits yet from 2011
Suhasini Bhamare 8064713995/8064716005
Respected Sir, my husband was scientist at US Army in Chemical Defense..passed away in Lab Explosion at work at MD. As a widow what benefits i can apply? I am 50 yrs old now
I am a widow of a canadian citizen residing in the philippines and we have a 18years old son. How can we apply for pension? Or are we eligable for? Please answer. Thank you
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Hi Rob,
My husband passed away last summer. He was on SSDI and also was receiving VA Pension. I am on SSDI, and I made a little more than my husband, so I know that I am not entitled for widow's benefits. Only that one payment of $250. As for the VA Pension, I tried to see if I can be entitled to that. I was told no, because they
said that it was not service related. So, that is true, I don't get anything?
Hi Rob,
Just wondering if you can help us with a question.
My Mom passed away last year and my sister received what was left on her work pension. It was a one lump sum and was taxed. Total was just over $27,000.00 and she received just over $19,000.00. My sister split the money with me as it was our Moms wish we just split everything.
We have been told my sister will need to claim the whole amount as income on top of her regular salary. This will definitely put her in a different tax bracket, around $60,000.00.
I definitely don’t think it’s fair to claim as income.
I read somewhere on the revenue Canada website last year that she can get up to $10,000.00 of the pension tax free.
Is this true?
Is there anything else I missed as I investigated this problem that could help?
Any other loop holes you may know?
Thanks for your help in advance, the videos are helpful on youtube.
Do i get my husband's ira and 401k when he dies?…
Thanks for sharing the video