Important Advice Every Newly Widowed Woman Needs to Know

The loss of a spouse is devastating and the last thing you want to think about is your financial future. But it is important for women to make a few crucial decisions early on to protect their finances and future security. Making these decisions can be emotionally trying, so having a trusted friend or relative help can make it easier.

Your first task is to get organized and locate all the paperwork necessary to file claims or straighten out accounts. Records that you will need include:

Death Certificate - You should have about two-dozen copies of your husband's death certificate on hand as you will have to use them to collect on insurance policies, retirement benefits, and other death benefits you may be eligible for.

Will - If you and your husband have a will you will need it to settle the estate. If not, you will have to follow your state's laws concerning estates.

Tax returns - You should find your joint tax returns from the past five years. You many need these to apply for any benefits you have coming to you.

Benefit accounts - Find records of any employee benefit accounts, retirement accounts, stock option plans, insurance policies including homeowners, auto, disability or any umbrella policies you may have.

Investments - Put together any recent statements you may have from stock, IRA, and 401K investment accounts. Make sure you also have recent copies of your checking, savings and any CD or mutual fund accounts too.

Official papers or certificates - Have on hand any birth and marriage certificates along with social security cards, military discharge papers and pre-nuptial agreements.

Having all of these papers in order will make it easier for you to change names on important financial accounts and apply for any benefits coming to you.

Life Insurance: Whether you husband had life insurance through his employer or you had taken out a policy together you will have to apply for this money to receive it. Also, check your homeowners insurance to see if death benefits are included. Some policies include a clause where the mortgage is paid-in-full or partially paid in the event of a spouse's death.

Benefits: Aside from receiving any life insurance monies you may be eligible for other death benefits. Some important benefits are through Social Security. You may be eligible to collect retirement benefits if you are age 60 and over or age 50 and disabled. Certain death benefits are available to widows and widows with children under age 16. There are also benefits for children whose father is deceased, such as assistance paying for college. You can also receive a special $255 death payment that will help to pay for funeral fees. But you cannot receive these benefits unless you actually file for them. Contact your local Social Security office as soon as possible for information on filing for these important benefits.

You may also be eligible for veterans' benefits if your husband served in one of the branches of service. Survivor benefits may include free burial in a national cemetery or you might be eligible to receive money for expenses related to your husband's funeral, headstone, or cremation services. If your spouse was receiving disability benefits at the time of death you may be able to continue receiving these benefits. You will need to contact the Department of Veterans Affairs to find out what benefits you are eligible for.

If your husband belonged to any organizations such as a labor union, credit union, college alumni group, the American Legion or any other similar organization you may be eligible for insurance benefits or some types of assistance programs. Contact the organization to find out the benefits they may have to offer.
Employee benefits, such as accumulated sick leave, vacation, or PTO that your husband incurred may be available as a payout to you. Contact the Human Resource Manager at your spouse's company to check on what benefits you have coming.
Most of these benefits you can apply for on your own by having the appropriate papers, however if you have trouble collecting them you may want to consult a lawyer.

By diligently reviewing your financial papers and following up on all benefits that are due to you, you will be on your way to securing a solid financial future that may help to alleviate some of the stress you are experiencing through your loss.