Protect yourself when your spouse dies
Death is a topic everyone wants to avoid, some out of fear of 'tempting fate'.
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The truth is, some topics need to be discussed, regardless of how daunting they may be.
Many couples make the mistake of never talking about the consequences of one of their deaths and when that dreadful day comes, the other may be left floundering and uncertain of many financial aspects.
As this would be a time for grieving, do not let financial uncertainty come in the way of the process.
Here are some guidelines you can follow:
Make funeral arrangements
Firstly, if you do not know, find out if your spouse may have purchased a cemetery plot or made other prearrangements.
If your spouse had funeral cover, contact the policy provider and select a funeral home.
Be sure to obtain multiple copies of the death certificate from the funeral home.
Assemble your team
You may need a lawyer, an accountant and a financial adviser to settle your spouse’s affairs.
Contact current and past employers
If your spouse was employed at the time of death, you may be eligible for group life or accident insurance benefits, depending on the cause of death.
There may or may not be retiree life insurance in place and you may also be entitled to a lump sum or monthly payment from the company pension plan or other savings plans.
File life insurance claims
Gather information about any life insurance policies and, if you are the beneficiary, contact the life insurance companies to make a claim.
Revise wills and powers of attorney
Review your will and power of attorney.
If changes are necessary, have your lawyer prepare new documents for your signature.
Preserve your assets
If your spouse dies, you may become a target for scam artists who are less interested in you than your money.
Ask for time to think over any financial proposals and discuss them with your advisers.