By Daniel Korleski, MBA
There are many tasks that need to be taken care of after a spouse’s death, and, unfortunately, many of them usually fall on the surviving spouse. At Cobalt Private Wealth, we understand what an overwhelming time this can be.
To help, we listed the things you need to do in the days, weeks, and months after your husband or wife passes away.
Immediately After
- If your spouse’s death occurred at home without help from a medical professional, call 911. If your spouse has a Do Not Resuscitate Order (DNR), show it to the paramedics.
- If a paramedic pronounces your spouse’s death and there won’t be an autopsy, call the final-arrangements facility. They’ll pick up the body and take it to their place of business.
- If your spouse’s death occurred in a medical facility under hospice care, a medical professional will announce the time of death and make arrangements to transport the body.
- If your spouse is an organ donor and they died at home, call a local hospital to take care of the organ-removal process. If they died in a medical facility, they’ll be able to recommend an appropriate authority.
Within a Few Days
- Inform your family members and friends about your spouse’s death. Ask someone you speak with to let others know about the death so you don’t have to do everything yourself.
- Start making final arrangements. Since you’ve already contacted the facility you’ll be working with, you can start to make final arrangements. If you don’t know what your loved one’s final wishes were, review their end-of-life documents.
- If your spouse was employed, contact their employer and notify them about the death. The employer should give you details about the financial benefits you’ll receive.
- Call your own employer to let them know about your partner’s death. Your employer should allow you time to grieve and make final arrangements.
- Contact the Social Security Administration (SSA). Once the SSA is notified of your spouse’s death, any government benefits your spouse received will end.
- If your spouse was an active or retired military member, inform the Department of Veterans Affairs (VA) about your spouse’s death.
- If you have school-aged children, contact their school. They’ll postpone or cancel student assignments and arrange grief-counseling services.
- Call life insurance providers. Legally, life insurance companies have to wait 14-60 days before submitting a payout. It’s wise to start the claim process as soon as possible.
- Write an obituary. Work with close family members to help you.
Within 10 Days
- Locate the will. The executor of the will disburses your spouse’s assets according to their wishes inside the will. For married couples, most assets and debt are collectively owned. So when one partner dies, the survivor acquires everything they owned together (including debts). If you can’t find the will at home, see if it’s in a bank safe deposit box, or ask the lawyer for a copy.
- Contact a financial advisor within a few weeks of your spouse’s death because they’ll likely have financial planning documents needed to make insurance and benefits claims.
- Locate a suitable estate planning specialist. Typically, it’s possible to settle estates without a lawyer. But because family asset distribution can sometimes become complex, it’s best to work with an estate planning specialist.
- Contact the executor of your spouse’s estate because they’ll need help distributing assets as specified in your spouse’s will.
- Get at least 10 copies of the death certificate so you can notify multiple parties of your partner’s passing.
In the Months After
There are some things that don’t need attention right away after a spouse’s death, and sometimes it’s actually better to hold off. For example, we don’t recommend canceling your loved one’s email account right away because you’ll need it to request and receive benefits.
A checklist of things you don’t need to do immediately:
- Cancel insurance policies exclusively in their name, and remove them from joint policies.
- Remove their name from property deeds.
- Contact your local election office to let them know about the death.
- Update your own will to include the assets you recently acquired.
- Shut down their social media accounts.
- Cancel unneeded subscriptions.
- Close their email accounts.
We Can Help
Losing a loved one is never easy, but losing your husband or wife is one of the most devastating experiences you’ll ever go through. Get in touch with us if you’re having trouble handling your grief and dealing with financial matters at the same time. As your partner, we can help you grow, manage, and preserve your wealth after losing your spouse.
Reach out to Dan at danielkorleski@cobaltprivatewealth.com or 719-332-3863 to schedule a meeting.
About Dan
Daniel Korleski is the President & CEO for Cobalt Private Wealth, where he helps his clients grow, manage, and protect their wealth so they can work toward a stronger financial future. With over 30 years of experience in the financial services industry, Dan has served as the managing director for Investment Trust Company, chief investment officer for the Wealth Management Group at American National Bank in Denver, and regional investment manager for the Greater Colorado Region of the Private Bank at Wells Fargo, where he oversaw the management of over $2 billion. In 2008, he was appointed by the mayor of Colorado Springs to the City’s Investment Advisory Committee. Dan holds an MBA in investment management from Midwestern State University in Wichita Falls, Texas, a Bachelor of Science in Finance from Florida State University, and is a member of both the CFA Society Colorado and The Financial Planning Association.
Dan loves to give of his time to his community and is currently serving as the Board Chair of Catholic Charities of Central Colorado and oversees the Homebound Ministry at St. Paul Catholic Church. He has also served as Chair of the Board of Trustees of Pikes Peak Hospice Foundation, President of the Broadmoor Rotary Club, and Vice President of the Board for the Pikes Peak Chapter of Trout Unlimited. Dan was born and raised in Spain and is fluent in Spanish. To learn more about Dan, connect with him on LinkedIn.
