Amidst the unspeakable grief that comes with losing your spouse, handling money matters is likely the last thing you feel like doing. Here’s how to begin as you navigate an often-daunting financial journey.
When you’re struggling to find the energy to put one step in front of another making financial decisions undoubtedly feels like a bridge too far. This is especially true if your spouse oversaw the finances or managed certain expenses and policies. Did you discuss their funeral plan? Or life policy? If not, you may be flailing in the dark – unable to vent your frustration at the very person you’re mourning.
Considering the fact that in the days, weeks and months following their death you’ll be faced with unavoidable administrative tasks, having help is priceless. We’ve got your back. However, there’s no escaping the process – one that’s understandably draining. Yet ultimately working through this admin will help you build some financial stability as you tackle your new reality.
Address immediate concerns first
From outstanding medical bills to funeral costs, you’ll find yourself facing financial hurdles almost immediately. Speak to your spouse’s financial advisor to see what funeral plans or policies they had in place.
Next, make a list of the institutions that you’ll need to notify of their passing. Take a deep breath as you prepare for the inevitable hurdles over which they may need you to jump. Start with the bank, and find out exactly what documentation you’ll need –generally a death certificate as well as certified documentation. We suggest requesting more than one death certificate as most institutions require more than one and this will just speed up the probate period. Before closing the account, ensure that all associated debit orders are cancelled or transferred to your account.
Cancel services that are no longer relevant, like your spouse’s monthly gym membership, or cell phone contract. Then, ensure you can cover continuing monthly bills, for example bond repayments or insurance.
Remember to notify SARS, the medical aid as well as your spouse’s credit card and loan providers of his passing, to prevent fraud and to determine tax implications, what is owing and what amounts can be written off.
Life insurance, policies and investment portfolio
When you’re ready, examine your spouse’s financial records to confirm what insurance policies and investments he had in place. Their financial advisor can help to simplify this process. Remember too, that a spouse of a deceased worker can claim death benefits from the UIF, as long as you apply for these within six months of your partner’s passing.
Naturally, making big financial decisions may seem impossible in the period immediately following such a loss, whether you’re managing an inheritance or unexpected bills. So, address immediate
concerns and then give yourself time and space to reevaluate your financial plan. Above all, be kind to yourself. You’ll get there.
