In our last post (click here for prior post) we talked about making funeral arrangements, notifying employers and setting up a system to handle the household bills.

This post will cover the next steps of dealing with banks, insurance companies, and creditors. At this point, you may begin to feel overwhelmed by the sheer volume of things to handle. And, when you do (it is OK, as it is bound to happen), don’t forget to do this one thing: make a master “to-do” list in a notebook.

Keep your “to-do” list/notebook with you at all times, as it will act not only as your log of events “to-do,” but also as your record of the events completed. Keep notes on this master “to-do” list, such as: names of people you spoke with, dates, notes from the conversation, and any resolution, if achieved. Keep this notebook as a reference, as you can easily flip back through the pages at a later date to verify what you have done and who you spoke with.

As for the next steps regarding banks, insurance, and creditors:

• Contact all banks/credit unions about changing account holder information;

• Contact administrators of spousal investment and/or retirement accounts about transferring assets to beneficiaries - consult with a financial advisor before cashing out any investments;

• Contact the providers of active life insurance policies held by you and your spouse to initiate the death benefits process, as well as, to determine any continued needs for life insurance;

• Contact other insurance providers (e.g., auto, home, disability, etc.) to either close, modify coverage, or change the name on the policy;

• Procure necessary health insurance coverage for yourself and any dependents;

• Contact creditors to close any accounts that were in your spouse’s name only;

• Contact creditors to remove your spouse’s name from joint accounts;

• Destroy any credit cards issued in your spouse’s name; and

• Send a letter to TransUnion, Experian, and Equifax requesting your spouse’s credit report, as well as, a request to no longer issue credit to you spouse.

The next post in the series called “A financial to-do list for the surviving spouse” will cover applying for benefits, beneficiary designations, and various odds-and-ends. Although there are a lot of things to keep track of, your master “to-do” list will act as your North Star during this difficult journey. Please feel free to contact Intelligent Investing at www.mynmfp.com/new-clients if you have questions about “what to do next” after the loss of a significant other.