Financial steps to take after the death of a spouse or loved one.

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Nothing can quite upend your world, like the passing of a spouse. It leaves many at a loss, for what to do next. And if you or a friend has lost their spouse, then this video is going to be helpful because I’m going to give you a step-by-step plan so that you can simplify what you should be doing in the coming months.
It’ll help you feel like you have a little bit more control over the finances.

And if you’ve recently lost your spouse, I’m so, so sorry for your loss. Since people come to me for the financial part of their life, I’ve helped quite a few recent widows and widowers go through this process of getting their financial life organized. And as a side note, your financial planner should be able to take a lot of the burden off of your shoulders.

The financial companies don’t make it easy. But your advisor can help. If you don’t have an advisor or you just don’t feel a hundred percent comfortable with reaching out to them, then please reach out to me because we’ve helped a lot of spouses during this difficult time to just get everything organized.

So here are the next steps. It doesn’t have to go exactly in this order, but it seems like a pretty natural way of getting things organized and then moving forward in the right direction.

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Disclaimer: Since we don’t know your specific situation, none of this information should be construed as tax, legal, financial, insurance, financial advice, or other advice and may be outdated or inaccurate. It is your responsibility to verify all information yourself. This content is prepared for entertainment purposes only. If you need advice, please contact a qualified CPA, attorney, insurance agent, financial advisor, or the appropriate professional for the subject you would like help with. Streamline Financial Services, LLC or its members cannot be held liable for any use or misuse of this content….(read more)

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Losing a spouse can be an emotional and traumatic experience, and dealing with the financial implications can be overwhelming. However, it is important to take certain financial steps to ensure that you are financially secure after the death of your spouse, especially with regards to retirement planning.

Here are some important financial steps that you should take after the death of your spouse:

1. Notify financial institutions: Notify banks, credit card companies, investment firms, insurance companies, and any other financial institutions that your spouse did business with. This will help prevent any fraudulent activity on your spouse’s accounts and ensure that any remaining balances are properly distributed.

2. Gather necessary documents: Gather all necessary documents such as wills, trusts, life insurance policies, retirement account statements, and any other important financial records. These documents will help you understand your financial situation and allow you to make informed decisions.

3. Meet with a financial advisor: A financial advisor can help you understand your financial situation and provide advice on how to manage your finances after the death of your spouse. They can also help you with retirement planning, investment strategies, and estate planning.

4. Evaluate your income and expenses: After the loss of a spouse, it is important to evaluate your income and expenses. You may need to adjust your budget to account for the loss of income and additional expenses such as funeral costs and medical bills.

5. Consider life insurance: If your spouse had life insurance, you may want to consider using the proceeds to pay off debt or invest for your retirement. You may also want to re-evaluate your own life insurance needs to ensure that you are adequately covered.

6. Review retirement accounts: If your spouse had retirement accounts, such as a 401(k) or IRA, you will need to review the beneficiaries listed on these accounts. It is important to update the beneficiaries if necessary to ensure that the accounts are distributed properly.

7. Consult an estate planning attorney: It may be necessary to consult an estate planning attorney to help you navigate the legal aspects of your finances after the death of your spouse. This may include revising your own will, establishing trusts, or dealing with probate.

In conclusion, dealing with the financial implications of the death of a spouse can be challenging, but taking these important financial steps can help ensure that you are financially secure and prepared for retirement. Don’t hesitate to seek help from a financial advisor or estate planning attorney if necessary to navigate this process.