Working Through Your
Financial Checklist
Banking
- Begin retitling joint accounts, but consider keeping a joint checking account open for at least one year in case you receive checks payable to your spouse.
Insurance
- Cancel any health insurance or other premiums for your spouse.
- Contact your spouse’s former employer to ask about COBRA health coverage. If your spouse had life insurance, notify the insurer and ask about your payout options.
Employer Benefits
- Contact your spouse’s former employer and ask about unpaid salary, bonuses, stock options, accrued vacation days, unused sick pay, or deferred and equity compensation plans.
Retirement & Social Security
- Evaluate your options for Social Security. Social Security pays a one-time death benefit and you may also be eligible for survivor’s benefits.
- Determine when and how to take any retirement plan distributions due to your spouse or you.
Estate Planning & Tax Return
- Review and revise your estate planning documents. File a federal estate tax return, even if no tax is due, so you can preserve your spouse’s unused estate tax exemption amount.
Beneficiary Designations
- Update your beneficiary designations and agents on IRAs, trusts, life insurance and relevant legal documents, such as wills, power of attorney and health care proxy.
Household Budget
- Update your budget based on current expenses and sources of income.
Book a Discovery Meeting.
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