What are the smartest things a surviving spouse can do about finances The smartest move is to slow down, get organized, and focus first on cash flow, legal paperwork, and beneficiary designations before making any major financial decisions. A surviving spouse should avoid rushed moves on investments, housing, or retirement accounts until the full picture is clear. First priorities Secure cash for the near term: funeral costs, bills, mortgage/rent, insurance, and 3 to 6 months of living expenses if possible. Gather key documents: death certificates, will/trust, account statements, insurance policies, deeds, titles, and tax records. Make sure banks, creditors, and other institutions are notified so accounts and obligations are handled correctly. Income and benefits Recheck all income sources, including Social Security survivor benefits, pensions, life insurance, and any employer or retirement plan benefits. Review account ownership and beneficiary forms, because the correct titling can a...
Sound Advice
Investment and economic observations by N. Russell Wayne, CFP, MBA. Mr. Wayne is the president of Sound Asset Management, inc. and former Managing Editor of The Value Line Investment Survey.