Financial Tips for First-Year Widows & Widowers
Don’t Make Any Hasty Decisions
If you already had a job before your spouse’s death, take a long thought before you immediately quit your job. Your job provides you with a steady income and you don’t want to compromise that. At the most, request some time off to cope with your loss, but try not to make any hasty decisions.
Get Multiple Death Certificates
Request at least 20 copies of your spouse death certificate so that you can send it out to credit card companies, mortgage holders, insurance companies, the Social Security Administration, and other places you might have to send it to. Keep extra copies in case of future needs.
If your spouse had life insurance or a policy through an employer, then you may be eligible to file for compensation. Contact your late spouse’s life insurance agent for more information on compensation. Contact the human resource department of your late spouse’s for more information on compensation.
Following a loss, there are a couple things you will need to update. You’ll need to update your will and make sure the information on it is accurate. You’ll need to rename the beneficiaries on all of your insurance policies, any retirement funds, bank accounts, or any other places where your money would be held.
Beware of Scams and Fraud
Sadly, there are people out there that find new widows or widowers and target them as potential sellers of their possessions. Do not let yourself be manipulated into selling your house or other possessions to these cold-hearted people. You may also be targeted by some immoral salespeople. Be smart and be on the lookout.