Life Transitions
What are some of the actions a surviving spouse needs to consider?
Obtain a minimum of 10 death certificates. When possible, use a copy of the death certificate and not an original
Take an original to the Social Security office in Albuquerque – a surviving spouse is eligible to initiate reduced benefits at age 60 if desired
Contact all investment firms
-Assuming there were joint accounts, change the ownership to the survivor’s name.
-On non-IRA accounts, the basis of stocks, bonds and mutual funds becomes the date of death of the spouse.
-If you had a Trust vs. a Will or no will at all – I suggest you contact your attorney because you may need to establish accounts IAW the Trust. Multiple accounts mat have to be established one titled for the deceased spouse as well as one for the survivor
Go to your local bank and change checking and savings account titles
Change car title
Change the title on our home
Change the Primary Beneficiary on your IRA, 401(k), 403(b), 457, Thrift Savings Plan and life insurance policies
Perhaps an update to the Contingent Beneficiaries is also required
What can Phil Messuri, MS, CFPâ do to assist a recent widow/widower?
I can help facilitate the items noted previously.
I can help the survivor see the entire financial landscape and help guide their decisions.
I can assess the financial changes in the surviving spouse’s financial life such as a reduction in actual or anticipated social security payments.
I can possibly suggest reformulation of their investment allocations to be commensurate with the survivors’ needs and experience.
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