Don't rush financial decisions when spouse dies
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A widow's guide to finance
Losing a spouse and having to sort through financial matters is a daunting task. Statistics tell us that 83 percent of surviving spouses over the age of 65 are women. While these tips were created by Certified Financial Planner Gjertsen with widows in mind, the advice is appropriate for men and women alike, for surviving spouses of all ages and surviving adult children.

A Widow's Guide

1. Take time to grieve. The passing of a spouse is one of the most stressful events in a person's life. All too often a surviving spouse thinks too far ahead and becomes overwhelmed. There will be plenty of time to plan; take this time for you. 2. Get organized. Find out where you are financially. The paperwork may become overwhelming without being organized. Create folders for bank, investment, retirement statements, Social Security, health and life insurance. This initial work will go a long way in keeping things manageable. 3. Get good advice. A surviving spouse, especially a widow, will start to receive well-intentioned but often unsolicited advice from family and friends. While their hearts are in the right place, the advice may be wrong for you. Ask for referrals from other surviving spouses in the areas of financial planning and estate planning. These experts should help shoulder most of the burden during the initial stages. But before you engage their services, ask plenty of questions. 4. Know your benefits. There usually are several areas to turn to for benefits. Contact the Social Security Administration to discuss what benefits may be available. You may be entitled to survivor income benefits and a lump-sum death benefit. Review life insurance benefits that may be personally owned or held through an employer. Retirement benefits can be coordinated by contacting the human resources department of your spouse's former employer. 5. Take your time. Generally, there are very few reasons for a surviving spouse to "have" to do something immediately. Major decisions such as selling your home, investment decisions or lending money are issues that can usually wait. Wait at least six months, if not one year, before making a major decision. 6. Hurry up. This may be the first time in a long time that you have handled the finances. The learning curve may be steep. Take one small step at a time, but start the journey now and learn as much as you can. Relying solely on the advice of others may leave you vulnerable. It's your health and wealth; take good care of it. 7. Get balanced. The ability to maintain your lifestyle will mostly depend on how much planning was done prior to your spouse's death. Take a hard look at your income and expenses. A 57-year-old widow may need to plan for 20 or 30 years. Are college expenses on the horizon? Is the mortgage paid off? Are there enough retirement assets? Become familiar with your spending habits and get balanced. 8. Settle the estate. The time it takes to settle an estate may also be a direct result of how much time was spent planning. Don't try to rush the process. While closure may be desired, it may take months or even years to complete the legal process. 9. Review your plan. Do you have a current estate plan? Does your trust or will need to be updated? Who has your power of attorney for health care and property? Do you need to choose someone else? These are issues that are easily put off, but will create havoc if not planned for. 10. Get involved. Don't retreat behind closed doors. Take time to heal with the support of family and associates.