A Financial Checklist for Surviving Spouses
By Michael Ruger, CFP®
Partner and Chief Investment Officer at Greenbush Financial Group
Losing a spouse is one of life’s most difficult experiences. During this time of grief, handling financial matters can feel overwhelming. It’s important to remember that you don’t need to do everything at once. In fact, we often advise clients not to make any major financial decisions for 6 to 12 months after the loss of a loved one, if it can be avoided.
This guide is designed to provide a gentle checklist of financial steps to consider, along with reassurance that you don’t need to navigate this alone.
Step 1: Take Care of Immediate Needs
In the first weeks, focus only on what must be handled right away:
Ensure bills and accounts are being paid—utilities, mortgage, and insurance premiums—so nothing important lapses. If additional cash is needed to cover these expenses or funeral costs, you may want to contact your investment advisor to request a distribution from your brokerage or retirement account.
Gather key documents such as the death certificate, Social Security card, and marriage certificate. You will need several certified copies of the death certificate.
Notify Social Security to stop benefits if your spouse was receiving them, and inquire about survivor benefits.
Contact your spouse’s employer (if applicable) to ask about any final pay, life insurance, or retirement benefits.
Inventory assets and debts: Create a list of accounts, loans, credit cards, and other financial items.
At this stage, just focus on stabilization. Bigger decisions can wait.
Step 2: Meet With Your Estate Attorney
An estate attorney can be one of the most important resources for a surviving spouse. They will help guide you through the legal aspects of settling your spouse’s estate and make sure everything is handled properly. Some of the areas they may assist with include:
Reviewing your spouse’s will or trust to ensure assets are distributed according to their wishes.
Probate guidance if the estate needs to go through the court process.
Updating property titles and deeds (such as the home, vehicles, or other jointly owned assets).
Retitling accounts that were in your spouse’s name alone.
Confirming beneficiary designations on retirement accounts, life insurance, and other policies.
Handling debts and obligations—making sure outstanding bills or loans are addressed properly.
Advising on estate tax issues and helping file any required estate or inheritance tax returns.
Updating your own estate plan to reflect changes in beneficiaries, powers of attorney, and trusts.
Meeting with an estate attorney early ensures that the legal and financial transition is handled with care, giving you peace of mind during a difficult time.
Step 3: Understand Insurance and Benefits
Life insurance: If your spouse had life insurance, begin the claims process. Take your time deciding how to use any proceeds.
Employer benefits: You may be eligible for continued health coverage, pension payments, or survivor retirement benefits.
Government benefits: Social Security survivor benefits may be available, depending on age and circumstances.
Step 4: Review Bank and Investment Accounts
After the first three steps, begin to look at household finances more closely.
Confirm joint accounts: In many cases, joint bank accounts automatically transfer to the surviving spouse.
Update beneficiary designations: Retirement accounts, life insurance, and transfer-on-death accounts should be reviewed.
Check for automatic payments: Make sure you know which accounts are connected to bills or subscriptions.
Begin retitling accounts per the direction of your estate attorney or investment advisor.
This helps establish a clear picture of where things stand.
Step 5: Avoid Major Financial Decisions for 6–12 Months
Grief can cloud judgment. If possible, hold off on large changes such as:
Selling the family home
Making major investment decisions
Gifting or lending large sums of money
Instead, focus on maintaining stability and keeping everything in order until you feel emotionally and financially ready.
Step 6: Seek Guidance from Financial Professionals
You don’t need to carry this burden alone. Financial professionals can provide both guidance and peace of mind:
Accountants can help navigate tax considerations, including filing final returns for your spouse.
Financial planners can help you prioritize needs and create a roadmap for the months and years ahead.
Investment advisors can review your portfolio and suggest adjustments to fit your new circumstances.
Having trusted professionals at your side means you don’t have to make every decision yourself. They can help simplify the process and give you confidence that nothing is being overlooked.
Step 7: Begin Planning for the Future—When You’re Ready
When you feel ready, start thinking about the long-term picture:
Update your own will, trust, and estate plan.
Revisit beneficiaries on accounts and insurance policies.
Adjust your budget and income sources for your new household situation.
Consider whether your investment and retirement plans need rebalancing.
Take these steps one at a time, at a pace that feels manageable.
Final Thoughts
The loss of a spouse is deeply personal, and the financial responsibilities that follow can feel heavy. Remember: you do not need to have all the answers right away, and you don’t need to do this alone.
By leaning on a checklist like this—and enlisting the support of accountants, planners, and advisors—you can move forward step by step. Over time, clarity will return, and you’ll feel more confident about the financial decisions that lie ahead.
About Michael……...
Hi, I’m Michael Ruger. I’m the managing partner of Greenbush Financial Group and the creator of the nationally recognized Money Smart Board blog . I created the blog because there are a lot of events in life that require important financial decisions. The goal is to help our readers avoid big financial missteps, discover financial solutions that they were not aware of, and to optimize their financial future.
Frequently Asked Questions (FAQs)
What financial steps should I take immediately after losing a spouse?
Focus first on essential needs—keeping bills current, gathering key documents, and notifying Social Security and your spouse’s employer. Avoid making major financial changes right away; the priority is maintaining stability during the initial weeks.
Why is meeting with an estate attorney so important after a spouse’s death?
An estate attorney helps ensure your spouse’s will, trusts, and beneficiary designations are properly executed. They can guide you through probate, retitle assets, settle debts, and help update your own estate plan to reflect your new situation.
What types of benefits should a surviving spouse review?
Survivors should check for life insurance proceeds, employer benefits such as pensions or continued health coverage, and Social Security survivor benefits. Each of these may provide valuable financial support during the transition.
When should I start making major financial decisions after a loss?
It’s best to wait six to twelve months before making large financial moves, such as selling property or changing investments. This allows time for emotions to settle and for you to make decisions with clarity.
How can financial professionals help after the loss of a spouse?
Accountants can manage tax filings and estate issues, while financial planners and investment advisors can help organize accounts, adjust your financial plan, and guide long-term decisions with care and objectivity.
What long-term financial updates should I make as a surviving spouse?
When ready, update your own will, trust, and beneficiary designations. Review your budget, income sources, and investment strategy to ensure they align with your new circumstances and future goals.
