Issue link: http://read.dmtmag.com/i/734304
National Catholic Forester 30 Pull everything together. Before you do anything else, gather financial records in one place. these include your spouse's: 1) Social Security number, 2) will, and 3) (if applicable) trust documents. you'll also need to access beneficiary designations for: 4) retirement accounts, 5) life insurance policies, 6) real estate deeds, 7) military records, 8) and statements for a) investment, b) bank, c) credit card, and d) other accounts. 9) next, determine whether you or another individual is the executor or personal representative of the will and the trustee of any trusts. If there's no will or trust, you'll need to petition the courts to be named as personal representative or executor. At this point, you may need to hire professionals to assist in the probate process or administration of any trusts, and to help you prepare tax returns. 10) Also obtain certified copies of your spouse's death certificate from your funeral director or local government. You'll probably need to show this document to several organizations, so be sure to request multiple copies. Look into life insurance. If you're unsure about what life insurance policies your spouse may have owned, check bank statements for evidence of premium payments. Note, however, that premium payments may not have been required in recent years for some policies. To claim life insurance benefits, you'll need to provide a certified copy of the death certificate. Benefits typically pass to beneficiaries income-tax-free. But you may want to consult with your tax advisor to determine whether, from an estate planning perspective, you should consider disclaiming any benefits so that they'll pass to the policy's secondary beneficiary. Managing finances following the death of a spouse When a husband or wife dies, the surviving spouse usually feels overwhelmed by the many difficult challenges that lie ahead. One of the first is addressing financial matters. Here's what recently bereaved spouses need to do as soon as they're able. © Can Stock Photo Inc. / pressmaster