Managing Finances When A Loved One Dies

Posted by Richard on December 18, 2024

The single most important thing you can leave to your heirs is a current list of passwords and access codes, according to Kiplinger.com.

Conventional advice is to involve both partners in financial decisions and management. But as a practical matter, one spouse usually handles these matters. The key is making it easy for a surviving spouse to take over.

First, make sure your spouse knows the password or access codes for your computer and phone. This gives them access to email and texts, which can help pay bills, identify and manage monetary accounts, and contact friends.

Make sure your spouse knows, at least roughly, where your money is saved and invested and what insurance policies you may have. When a partner dies, survivors need immediate access to money for funeral arrangements and living expenses. Both spouses need to know who their financial advisor is and how to contact him or her.
For savings, checking, and investment accounts, make sure both partners own the accounts so the survivor can access them immediately.

Household details are also important. Couples should keep a running list of big-ticket items. Take a walk through the house with your spouse, make a list of important items like the water heater and furnace, and write down the approximate year they were installed. While you are at it, note the name of the company or professional you used for the job and, if you remember, how much you paid.

There many other things that can help your family, but these are some important items that can make a difference.