HOPE WHEN DEATH AND FINANCES INTERSECT

After any death, especially an unexpected one, the widowed spouse is engulfed in the shock and grief of bereavement. And piled on that is a stack of bills and a multitude of financial details.

Strategies during mourning:

Put off long-term money decisions until you are able to face them unemotionally.

Take no financial action that cannot be reversed. Don't put your funds where you can't get them quickly and at little or no cost.

Have someone you know and trust help you organize your papers and help you with initial decisions.

Don't borrow money - or lend it.

Don't make major money decisions "for the good of the kids," unless that decision is good for you, too.

Don't give money - even to relatives or friends - until you have had time to determine how far your money will take you.

Things to do immediately:

Arrange child care, if you have small children, so you can concentrate on the things you need to do right away.

Keep accurate records. List all costs associated with your spouse's death. This will be needed for income tax returns and may be tax deductions from your spouse's estate.

Keep a telephone log of all conversations on business, legal, and financial matters. Make a summary of important facts and questions you asked and answered.

Keep photocopies of everything you send to someone else. Don't throw anything away yet.

Check all your savings and checking accounts to determine how much money you have available for short-term needs. Make sure all checkbooks are balanced.

Find your spouse's will and any trust agreements. Call your attorney and ask to discuss them as soon as possible.

Make a list of outstanding debts and installment payments. If you anticipate any delays in meeting those obligations - especially if you are waiting for life insurance proceeds to pay such bills - call the creditors, explain the situation, and ask for an extension.

Call your spouse's employer and find out all the benefits you have coming. These items probably will be too complex for you at this time, but you will understand them in due course: insurance, vested retirement benefits, stock option plans, 401(k), stock purchase plans, medical benefits, sick leave pay, disability benefits due to illness before death, vacation pay, supplemental insurance, etc.

Check COBRA coverage. If you are covered by your spouse's medical plan, immediately check with the employer to see if you and your family will automatically be covered. If not, apply within 60 days for continuation of coverage under the Federal COBRA conditions. (Under COBRA, you pay the premiums.)

Contact all insurance companies with which your spouse had coverage. Determine whether your spouse had credit and/or mortgage life insurance coverage.

Pay your taxes. Check to ensure that health, homeowners and auto insurance policies, income taxes, and property taxes are paid.

Open your safe deposit box. If your safe deposit box is mutually owned, and you have a key, open the box and make a list of all contents. (Note: in some states, even such mutually owned boxes are sealed. In that case consult your attorney on getting the court's permission to open it.)

Apply to receive any Social Security benefits due you. Set up an appointment with the local SS office. Take along a certified death certificate, proof of marriage, you and your spouse's Social Security numbers, and your children's birth certificates. Also check veteran's benefits.

Jarratt G. Bennett is a financial planner and investment advisor, specializing in working with widowed persons since 1966. He is a Certified Financial Planner, Chartered Financial Consultant, and a Chartered Life Underwriter. He holds degrees from Lehigh University and Colorado State University.

Bennett has developed a comprehensive personal and financial advisory service to assist new or veteran widowed persons. For more information on this program please contact: The Widowed Person's Financial Planning Service, Bennett Financial Advisors, P.O. Box 244, Fairfax, VA 22030, phone: 703-691-9200.

From Making The Money Last: Financial Clarity for the Surviving Spouse by Jarratt G. Bennett. Copyright (c) 1995 by Jarratt G. Bennett. Used by permission of Kendall/Hunt Publishing Company, Dubuque, Iowa.

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