While the death of a partner, wife or husband is likely one of the most devastating experiences the loved one left behind will live through, being prepared can at least help ease some of the confusion and stress that’s sure to follow. To that end, Lifetime has prepared the following list. Hopefully the act of simply reading this article will nudge the unprepared in the right direction. I know it was a wakeup call for me.
Paperwork
Do you know where to find copies of your life and home insurance policies, your spouse’s social security number, marriage and birth certificates (including children’s) and military papers?
Do you know how to apply for survivor’s benefits, including credit card insurance?
Do you own a time share?
Now what?
Tip: Financial advisors suggest getting at least 10 copies of your loved one’s death certificate to deal with the paper work that followers.
Banking
Do you know how to write a cheque?
Do you know how to complete online banking transactions?
Do you know how to access your safety deposit box and what’s in it?
Do you know where to find your mortgage papers? Tip: Don’t store them in a safe deposit box, which may be sealed at the time of death.
Do you have more than one bank account?
Are you aware of ALL debt owed by your spouse – or even jointly?
Are pensions directly deposited into an account you have access to?
Tip: It’s a good idea to share all accounts jointly with your spouse or partner to ensure assets aren’t subject to a lengthy probate process.
Employee benefits
If your partner or spouse was still working at the time of their death, do you know if they have insurance through their company?
Passwords
I recently heard a story on CBC about a woman who had to get a court order in order to access the iPad she had shared with her husband before his death because she didn’t have the password. The advice given at the time was to store all of your passwords to bank accounts, credit cards, computers, etc. in a safe place and include that location, not the passwords, in your will.
The will
Do you have a will?
Do you know what’s in
the will?
Do you know where
it’s stored?
Have you or your spouse chosen an executor?
Anyone who wants to share their thoughts on this column, offer tips or have more questions can email [email protected].
