|
Suddenly a Widow: 9 Contacts You Need to Make
|
| |
| |
By Chloe JonPaul
Losing your spouse plunges you into grief where even simple daily tasks become burdensome. Yet there are certain matters which the new widow must be taken care of immediately in order to protect your financial future. David W. Latko, president of Latko Wealth Management Ltd is the author of Financial Strategies for Today’s Widow and he offers some sound advice for new widows:
- Obtain at least 10 certified copies of your spouse’s death certificate from your local health department. You will need them to present to financial institutions and others. They will keep them for their records.
- Contact your spouse’s former employer. When speaking with the benefit plan administrator, you will want to ask about any accrued but unpaid salary, sick leave and vacation days, com- missions (if applicable), 401(k) accounts, and life insurance that your husband would have been entitled to receive. You must also decide if you want to continue health coverage if you had this insurance through your husband’s employer.
- If your husband had life insurance, call the company that issued the policy. Latko recommends transferring the lump sum into a money market account until you’re better able to decide on how to invest the money.
- Call the Social Security Administration (800-772-1213) or log on to www.ssa.gov/survivorplan/index/htm to notify them of your husband’s death. You will receive his payments or your own - whichever is the greater amount - if you have reached 62. You will also receive a one-time $255 death benefit.
- Go to the bank or any other financial institution where you have accounts to change those accounts to your name only.
- Call the Motor Vehicle Administration to cancel your husband’s license and arrange to have the titles on any vehicle to your name.
- Notify credit card companies, mortgage lenders and others regarding debts you held jointly with your husband. Ask if they have a record of any payment protection plan having been signed.
- If your husband was in the military or a veteran, contact the U.S. Dept. of Veteran Affairs (800-827-1000). You may be entitled to some benefits.
- Report any income your husband may have earned in the year of his death to the person who prepares your taxes. You can still file a joint return for the year in which your spouse died and claim deductions as long as you don’t itemize.
Check It Out:
Websites
www.free-financial-advice.net
www.americasaves.org
www.fool.com/fa/finadvice.htm www.guardingourwealth.com www.moneywisewomen.net
Books:
A Woman’s Guide to Managing Money & Creating a Healthy Financial Life by Marcia Brixey.
Order at www.cafepress.com
Financial Planning for Women by Ernst &Young
Suddenly Single: Money Skills for Divorcees and Widows by Kerry Hannon
It Takes Money, Honey by Georgette Moshbacher
The 9 Steps to Financial Freedom by Suze Orman
Build Your Money Muscles by Joan Sotkin
Chloe JonPaul is the author of Entering the Entering the Age of Elegance - A Rite of Passage and
Practical Guide for the Modern Maturing Woman Visit her website at www.maturingmodernwomen.com
|
|
| |
|
|
|
| |
|
|
