If You Just Lost a Spouse or Partner, Read This Immediately

I remember when I lost my first wife 30+ years ago, and recall how unprepared I was to deal with financial issues in the moment. I made mistakes that cost me later, so let me keep this simple. Talk to your accountant or financial advisor immediately about whether there are any things you need to do before January 1^st that will help you in terms of taxes.

For example, it’s late to address this, but if you and your spouse had stocks and your spouse did most of the investment management, November or early December is the time to decide what capital gains to take or capital losses to absorb that will put you in a favorable position.

Gemini gave me a checklist for this situation after the death of a loved one:

Immediate Steps After a Family Member’s Death

Obtain Death Certificates

Get multiple certified copies: Order at least 10-15 certified copies of the death certificate. Most organizations require these for processing claims and making account changes and they are likely to require originals.
Cost: Typically ranges from $5 to $34 per copy, depending on the state.

Locate Important Documents

Financial and legal documents: Gather wills, trusts, insurance policies, and any other relevant paperwork.
Assets: Make a list of the deceased’s assets, including bank accounts, real estate, and personal property.

Notify Relevant Parties

Contact Financial Institutions

Banks and credit unions: Inform them of the death to manage accounts and prevent identity theft.
Insurance companies: Notify them to start claims for life insurance and other policies.

Inform Government Agencies

Social Security Administration: Report the death to understand potential survivor benefits.
Employer: Notify the deceased’s employer regarding final pay and benefits.

Review and Manage Accounts

Update Financial Accounts

Change titles: Update titles on joint bank accounts, investment accounts, and property to reflect the new ownership.
Secure credit cards: Prevent unauthorized use of credit cards and accounts.

Handle Ongoing Financial Obligations

Pay off debts: Make arrangements to settle any outstanding debts.
Cancel subscriptions and services: Review and terminate any unnecessary services or subscriptions.

Additional Considerations

If you both have access to the safe deposit box, go to the bank immediately and empty it out. Some banks check obituaries and secure a box of the decedent. Then you have to go through a lot of paperwork and delay.

Executor Responsibilities

If you are the executor, you will oversee settling the estate, which includes filing the will and beginning probate if necessary.

Emotional Support

Seek help: Don’t hesitate to lean on friends, family, or professionals for emotional and logistical support during this challenging time.

Here are the three most important things you should do if you haven’t already:

CALL YOUR ACCOUNTANT

ask if there is anything left for you to do tax-wise before December 31^st.
ask if you have losses carried forward from previous years. You’ll need this information for point 3 below.

CALL YOUR LAWYER—ask the same question, but specifically about estate taxes

CALL YOUR BROKER

If you haven’t spoken to the broker because your spouse handled everything, have a death certificate handy. You may need an original. [By the way, if you haven’t yet gotten a bunch of originals, go to your town or county clerk TOMORROW and do this].
iif you had losses to carry forward from previous years, you may want to sell some things that have had big gains so that you can take the gain tax-free. You can’t carry forward losses forever, so next year can be too late.