Coping with Life after Your Mate Dies by Donald C. Cushenbery

Author:Donald C. Cushenbery [Donald C. Cushenbery and Rita Crossley Cushenbery]
Language: eng
Format: epub
ISBN: 9781441215284
Publisher: Baker Publishing Group

Handling Your Finances

The death of a mate inevitably raises significant financial issues. You must, of course, perform a variety of related legal duties, including having your spouse’s estate probated and changing the title on certain holdings, such as the family car, real estate, and financial instruments, if applicable in your case. Your monetary needs will be different, for example, if you are considering moving from the family home to an apartment or retirement complex; but this and other important decisions will be partially based on your knowledge of your financial situation.

You must find appropriate answers and data regarding the following questions, all of which will have an impact on your future security.

What are your present assets and liabilities?

In far too many cases, a mate has failed to leave a legally binding will and/or accurate financial records. We hope that is not the case in your situation. Even with a will, however, you may not be sure how much money is in the bank, in a savings account, or in stocks and bonds and other such holdings. As a general rule, you need a reputable attorney to help with probating the estate and listing your assets and liabilities. The county legal association and trusted friends should be able to suggest the names of lawyers in your area, if you do not have one already. You are also expected to pay all your mate’s outstanding debts if you are to avoid legal action brought by creditors.

You (or some other person named as executor by either the will or the courts) are responsible for making the following information available to your lawyer or other adviser:

1. Information needed to file appropriate forms relating to possible income (and estate/inheritance) taxes. These data may include such items as IRS form 1099R and W-2 wage and tax documents. Your tax consultant will advise you of other needed information.

2. A list of all investments and financial assets. This includes insurance policies, money-market funds, certificates of deposit, stocks, bonds, amounts of money in employer annuity funds or retirement accounts, and appraisal of all personal and tangible property (for example, your home and other real estate, vehicles, boats). This listing should include notations as to which items were solely owned by your spouse and which were jointly owned by the two of you (with or without “right of survivorship”).

Whether your mate’s assets were solely owned or listed with you as co-owner, specific actions are required to accurately reflect the new ownership. Especially if there are other heirs besides yourself, it is important that all such documentation be handled legally and ethically. The executor of an estate is responsible for carrying out the provisions of an existing will—or for following the state’s inheritance laws if a legal will was never drawn. You (or some other executor, if that be the case) should consult an attorney as to the necessary probate steps to be taken and to finalize any related transfer of assets.

For example, in the case of stocks and other tangible

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