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Resources
Industry Specific
Access all the commercial banking resources your business needs to succeed.
Widowed Checklist
Widowed Checklist
Helpful considerations after the recent loss of a spouse
Employer notification
- Update marital status on tax forms
- Update beneficiaries on retirement plans
- Update personal information records
Health insurance
- Review applicable health coverage or if uninsured, apply for individual health coverage; Medicare, military health care, or employer health care.
Legal considerations
- Obtain several copies of death certificate
- Notify the deceased creditors
- Review trust documents or wills
- Trust: Follow the instructions in the trust document
- Wills: File the will with the appropriate Probate Court
- If no will or trust, contact the Probate Court for instructions or contact a Probate Attorney for guidance
Insurance
- Submit claims on spouse’s policy
- Individual life insurance policies
- Travel insurance policies
- Group life insurance policies
- Mortgage life insurance policies
- Employer-based life insurance policies
- Credit Life Insurance policies
- Accidental death policies
- Make beneficiary changes if necessary
- Review life insurance policies for adequate coverage
Social Security/Veterans benefits
- Report death to Social Security Administration
- Review eligibility for survivor and/or children benefits
- Determine the updated benefit if you are currently collecting Social Security
- Apply for the $255 death benefit
- Contact the VA if you are entitled to any benefits as a Veteran
Financial considerations
- Create a monthly budget reflecting change in income
- Review current debt for rate, term, or consolidation options
- Evaluate housing situation
- Retitle account ownership on bank accounts
- Retitle account ownership on investment accounts
- Review asset allocation of investment accounts
- Review beneficiaries on bank accounts, insurance policies, and investment accounts
- Retitle all other jointly held assets
- Consider Social Security
- If spouse was receiving benefits via direct deposit, funds will be retracted by SSA for the month of the death
- If spouse was receiving benefits via check, do not cash — contact Social Security on where to return check
- Consider identity theft protection on accounts
Taxes
- See advice from an accountant for new tax status and requirements when filing estate taxes
We’re here to help!
If you have questions, give us a call, schedule an appointment, or stop by one of our branch locations.
