Losing a loved one can be devastating, but the surviving loved one must move forward, coping with the emotional impact of their loss. Unfortunately, the grieving process can be disrupted by the financial demands placed on the survivor. This is particularly true for individuals who were not actively involved in managing the household’s financial affairs.

If you or a family member has faced or is facing these challenges – you are not alone. We can help you plan for your financial future in an efficient manner, so you are able to focus more energy on your emotional well-being. To get started, we have compiled a list of obligations commonly faced by surviving loved ones.

• Write down all of your current bills and have a plan in place to ensure they are paid on time. Consider which bills can be canceled or adjusted, such as a loved one’s cell phone, gym membership, or health coverage.
• Contact your loved one’s employer or previous employers to determine if there are any benefits to which you are entitled. These benefits may include life insurance policies, retirement plans, or pensions.
• Cancel your deceased loved one’s credit cards. Contact any creditors and close accounts that were owned solely by them.
• Stop their Social Security benefits and apply for widow(er) benefits, if applicable.
• Contact any financial institutions with whom your loved one did business to notify them that he or she has passed away.
• Review the titling on all assets, including your home and automobiles, and consult with your attorney about whether any changes are necessary.

Gather all essential records and documentation, including Social Security numbers, birth/marriage/death certificates, estate planning documents, insurance policies, and any financial and investment account statements. Once gathered, store these documents in a secure location that only you and the ones you trust can access. Be aware that most financial institutions will require you to provide a death certificate to make any necessary changes to an account.

Meet with a trusted attorney to review your loved one’s estate planning documents. An attorney will be able to help you efficiently administer the estate. You should also review your own personal estate plan with your attorney to remove your deceased loved one. In addition, you should meet with your tax professional. The deceased’s estate may need to file income tax returns for at least the year of death, and estate tax returns may be required.

Through Stifel’s robust financial planning resources, Kletschke Wealth Management Group can help you create a new financial plan based on your current situation. This will help you determine a new budget while considering any spending goals you have moving forward. We can help you determine the most effective strategy for receiving benefits from your loved one’s retirement plans or pensions. We can also help you review all beneficiary designations on your own retirement plans or pensions, life insurance policies, and/or annuities.

Take some time before making any major decisions, such as selling your home. Some experts recommend that a widow or widower wait at least six to 12 months before making any major life decisions. As you navigate the grieving process, you do not need to put any more stress on yourself. Take things one day at a time, and don’t feel rushed to address all matters immediately. Grief can make tasks seem more overwhelming, so it is important to give yourself grace as you handle affairs at your own pace.

At Kletschke Wealth Management Group, we’re here to help! We can address your questions, help you handle paperwork, and review any estate planning issues to help ensure assets are distributed properly. We can then help create your own customized long-term financial strategies when you’re ready. Contact Kim, Korey, or Tyler to schedule a complimentary review today.

Kletschke Wealth Management Group
400 Gold Circle, Suite 220
Dakota Dunes, South Dakota 57049
(712) 252-6931
KWMG@stifel.com