In this and the previous blog, we are discussing the financial issues that need to be considered when you find yourself single again.  The previous blog covered what to do in the case of divorce.  

In the case of a spouse’s death

As traumatic as the death of a loved one can be, the loss of a spouse not only impacts one emotionally, it can also impact you financially. Below are financial issues that need to be considered as soon as possible so there aren’t any unintended consequences. Please consult with your attorney, financial planner and/or CPA for specifics regarding your own personal situation.

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  • Revise your will.
  • Contact any credit card companies and cancel any accounts of the deceased. For joint accounts, change them to be in your name only.
  • Meet with a reputable financial planner to review your overall retirement situation and update plan beneficiary designations.
  • Review  life insurance policies including beneficiaries.
  • If there are minor children involved, select a guardian for them.  Be sure to include written instructions on how the children are to be raised.  Also include instructions on how your assets are to be managed and used for the care, benefit and protection of the children.
  • Make sure the children’s future needs are funded.
  • Inventory all assets. Make a pictorial or video inventory
  • Update your medical directive.
  • Meet with a reputable CPA to calculate estate tax implications.
  • Review budget based on new financial situation.
  • Get updated information regarding all loans, including copies of the most recent mortgage statements.
  • Decide what to do with the family home.
  • Contact a Realtor for a Date of Death Valuation of all real property.


I have a large network of professionals that my team and I work with. We can give you referrals to help with any of the points listed above. 

When deciding what to do with any real property, I would be happy to meet with you to discuss your options. 

When a spouse dies