From
Your Perspective:
Financial self-defense for women
Widowhood & your
finances
Most women live longer than their husbands. That means you should be prepared to handle your own finances even if you’re not the one making financial decisions while you’re married. The best way to prepare is by talking to your partner ahead of time about financial matters. You should know where important documents, such as both your wills, are kept. Other documents you need access to include insurance policies, retirement or pension plan statements, mortgage information, as well as bank account statements.
Coping with the death of a loved one is a tough challenge in and of itself. Coming to terms with your financial situation if you’re not prepared can be overwhelming. As difficult as it may be to discuss end-of-life issues with your partner, doing so could be critical to the financial well-being of you and your loved ones if the unthinkable happens.
Next steps for the newly single:
1. File for duplicate death certificates. You’ll need to provide proof of death in a variety of situations (including the ones below), and you’ll want to have multiple certified copies on hand.
2. Contact Social Security to report your husband’s death and
update your status as a widow if he was collecting benefits.
3. Notify his employer, IRA custodians and insurance agent, and
request settlement payments.
4. Change joint bank, mutual fund, and brokerage accounts to
your name.
5. Record your ownership of real estate, cars, and other property.
6. Pay your husband’s bills, including income taxes.
It's important to know what your state's laws are when it comes to inheritance. In general, you're entitled to 33% to 50% of your husband's estate whether or not he leaves it to you in his will.
For example, if a married man left his entire estate to his brother and nothing to his wife, the courts would overturn his wishes, to the extent state law required.
By the same token, if your husband dies without a will, you may get only the percentage of his estate the law requires, even if it was his intention to leave you everything. That's why it's so important for you and your husband to have wills.
