#Survivor checklist estate plan update

#Survivor checklist estate plan update

You should also update your tax withholding status and medical coverage through your employer.ĩ) Keep An Eye On Your Mail: After such a traumatic experience, there will likely be some items that fell through the cracks. This includes updating your beneficiaries across retirement accounts, insurance policies and revisiting your power of attorney and healthcare proxy to ensure the correct people are listed in case a need arises. Discussing the matter with your attorney is advisable to ensure it is handled correctly and all loose ends are tied.Ĩ) Update Your Own Documents: After the death of your spouse, much of your previous financial planning will need to be updated or revised. You should cancel all credit cards in your spouse’s name and update any cards you held jointly.ħ) Child Support or Alimony: If your spouse was previously married, their death likely terminates any existing spousal support order unless the parties had otherwise agreed in writing. Common debts may include a mortgage, credit cards, business loans, and student loans. To update the title of a property that is held jointly you must inform the Land Registry of the death and send them a completed “deceased joint proprietor” form (available on the government's website) with an official copy of the death certificate.Ħ) Identify Your Spouse’s Debts: Make time to call each of your spouse’s creditors to determine its policies. When retitling your home, determine if the mortgage has insurance that would pay it off in the event of a death. These funds may add up and should not be overlooked.ĥ) Update All Property Titles: It’s important to update all ownership documents to remove your spouse’s name, including your auto and homeowner’s insurance policies.

If your spouse worked at several companies over their career, it may make sense to reach out to each to see if there are old retirement accounts or pensions that were never rolled over to an IRA. If your spouse belonged to a labor union, you should also contact the union to see if they offer any assistance. There is typically extended healthcare coverage through COBRA for 18 months. If your family was covered through your spouse’s medical insurance, you will need to ask how long you can continue that coverage. There may also be compensation due, such as stock options or bonuses that were already earned. Additionally, you may want to speak to your financial advisor about coordinating social security benefits with your other financial and income goals.Ĥ) Reach Out To Your Spouse’s Employer: In addition to informing the employer of your spouse’s death, it’s worth speaking with their human resources department about any potential benefits such as life and medical coverage and retirement or pension plans. You may be entitled to Social Security survivor benefits and you should also put the deceased person on the Social Security Master Death Index to prevent potential fraud. They may also be able to serve as a sounding board, helping to facilitate prudent decisions, and shouldering some of the responsibility your spouse shared while they were alive.ģ) Contact The Social Security Administration: Be sure to reach out to the Social Security Administration (80). Together, they will be able to put together a customized plan to reach those objectives. Looking forward, you should set up a planning meeting with your team of advisors to assess your new financial reality and share your goals for the future.

If any trusts were established for estate planning purposes, the advisor can address how these fit into the broader estate plan and ensure they are funded and implemented correctly. They may set up a designated estate account with funds for the executor of the estate to settle the deceased person's unfinished affairs. The financial advisor can also coordinate with the attorney and CPA on various estate and planning matters. If the financial advisor also handled your insurance, they could work with you to get the death benefit from a life insurance policy in a timely manner. Additionally, accounts that were titled Transferred on Death or Joint Tenant With the Right of Survivorship will be transferred into the surviving spouse’s name. For example, the funds from a deceased spouse’s IRA can rollover to the IRA of the surviving spouse. Immediately following a spouse’s death, your financial advisor can help process the transfer and consolidation of certain accounts.