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Financial Moves planning professional. If you will typically pass automatically
and your spouse created an to you, the surviving spouse.
for Widows and estate plan involving a will, However, for legal purposes, it’s
Widowers living trust or other documents, still a good idea to retitle these
you’ll want to consult with your assets in your name. Th is usually
estate planning professional to only requires filling out some
Submitted by Ann Jacobs,
determine what steps should simple documents, which are
Financial Advisor be taken to implement these available from your fi nancial
Edward Jones - Denton arrangements. institutions – bank, credit
443-496-1755 union, investment firm, etc. But
• Address life insurance issues. If
your spouse had a life insurance you also may need to change
If you’ve recently policy, you’ll want to contact the benefi ciary designations
become a widow on accounts held only in your
your insurance agent for help
o r wido w e r, name, such as your 401(k). Th ese
in navigating the paperwork
you’re obviously designations are powerful and
necessary to receive the death
de aling with can even supersede instructions
benefit. Of course, some fi nancial
an enormous in your will or living trust.
advisors also sell life insurance
emo t io nal
within the context of your overall • Go over bills and debts. Review
bu rd e n , an d financial strategy, so, if this is all your bills, automatic payments
coping with your grief can seem like a your situation, you’ll want to and outstanding loans. If they
full-time struggle. Unfortunately, the
speak with your advisor about are in your spouse’s name, or
business of life must go on – and the
how to handle the insurance in both your names, contact
financial moves you make at this time
proceeds. the merchant or fi nancial
can have a big impact on your life.
• Apply for Social Security services provider to change all
So, as you attend to your aff airs, consider benefi ts. If you are 60 or older, correspondence and account
the following suggestions: you may be entitled to Social information to your name only.
• Don’t make hasty decisions. Security survivor benefi ts, along For any outstanding accounts
in your spouse’s name, you may
Even though you will need to with a one-time death benefi t. need to notify the business that
make some moves in the near Contact your local Social Security all payments will be handled by
future, don’t feel rushed into office to stop the benefi ts your your spouse’s estate, if you choose
decisions that may prove to be spouse received and apply for the to go that route. You may need
ill-advised. For example, don’t new ones for yourself.
to provide these businesses with
immediately sell your home or • Change the name on fi nancial the contact information of your
liquidate all your stocks. accounts. If you and your spouse estate planning professional.
• Consult with your estate had jointly held accounts with
“right of survivorship,” the assets • Plan for your future. Once
you’ve handled the immediate
financial needs described above,
you’ll want to think about your
When it comes to own future. This means you may
your to-do list, put have to update your estate plans
and insurance policies. You’ll
your future first. also want to consult with your
financial advisor to see what
To find out how to get your changes, if any, you might need
financial goals on track, to make to your investment
portfolio.
contact your Edward Jones
financial advisor today. Only time can ease the pain of losing
a spouse. But by taking care of the
mundane matters of daily living, you
can at least alleviate the feelings of being
Ann M Jacobs
Financial Advisor edwardjones.com overwhelmed – and that, in itself, has
Member SIPC
105 Franklin St value.
Denton, MD 21629-1207
410-479-0271 This article was written by Edward Jones for use by your
local Edward Jones Financial Advisor. Edward Jones,
Member SIPC
43
