Losing a spouse is one of the most painful experiences anyone can have. Unfortunately, widows and widowers have to deal with more than just the emotional trauma — they also must consider a range of financial issues. If you’ve recently been widowed, what financial moves should you consider?
For starters, don’t rush into any major decisions. If you’re still in the grieving process, you are unlikely to be in the best shape to make significant choices affecting your finances and your life.
But once you feel ready to look at your situation objectively and make appropriate choices, consider the following steps: Review your finances. Look at your entire financial picture — your assets, investments, debts and income. If you and your spouse had communicated well about your finances, and you shared decisions, you hopefully won’t encounter any big surprises. But if your spouse was the partner who mostly handled financial matters, you may need to get up to speed quickly on what you have and what you owe. And if your spouse had provided a large amount of your household income, you will also need to determine what changes you may need to make to your lifestyle.
