top of page

A Financial Checklist for Newly Widowed Spouses


Losing a beloved life partner is a devastating experience that no one can fully predict. Despite the emotional heaviness one must navigate, another pressing topic requires attention: finances. Knowing how to move forward in your financial life can feel overwhelming and confusing. With the right guidance, surviving spouses can move beyond the confusion and find clarity. If you or a loved one has recently lost a spouse, here are some financial items to address:

Reconcile financial accounts

An important first step is to contact all financial organizations where you and your spouse held shared accounts, from your bank to mortgage to investments. You will need to alert them of your loved one’s passing and re-title your accounts. You also need to have your spouse’s name removed from any other joint accounts. Addressing these matters will keep your finances accurate and updated, and remove any potential roadblocks.

Collect any benefits

Each year, many people fail to claim money in the form of benefits, such as payments from pensions, life insurance, annuities, and more. Review your spouse’s affairs, identify which benefits are available to claim and take prompt action. If you don’t have clear records, search through mail and financial files, contact insurance companies, insurance agents, accountants, financial advisors, and former employers to check for benefits that may be owed to you.

Identify the status of retirement accounts

Was your spouse already taking payments or still paying into a plan? Are you inheriting an IRA? The specific retirement accounts your spouse held will drive your next steps. For example, if you’re inheriting an IRA, your age can affect details like Required Minimum Distributions (RMDs). Working with a financial professional can help you identify the best strategies.

Revisit your investment strategies

Now is a good time to revisit your investments and identify if you need to realign anything. For example, you may receive benefit payments that you could redirect to other investment opportunities. Or, your spouse may have taken on more risk than you’re comfortable with. Take a look at how well your investments reflect your needs and future goals, and take action to ensure your portfolio supports life’s next chapter.

Work with a financial professional

Our brains work differently when under stress, meaning we can make emotionally distraught decisions that can lead to poor choices. A financial professional can serve as a voice of reason and provide educated perspectives to help guide awareness and action. You can make the entire process less overwhelming with an objective professional at your side to guide you during this difficult time.

Picking up the pieces after losing a spouse is never easy. If you or a loved one has recently been widowed and are seeking clarity for the road ahead, we’re happy to help. Please contact us at (253) 327-1177.

0 comments

Recent Posts

See All

Commentaires


Get expert advice from a local and friendly company. 
CONTACT US
ADDRESS
OFFICE HOURS
PHONE
EMAIL

1804 W Union Ave, Suite 202, Tacoma, WA 98405

Monday to Friday

9:00 am - 5:00 pm

253-327-1177

You can also visit us; we'd love to meet you.
Penny Lane Financial - Trust and Expertise in Financial Services.

​

Important Disclosures

​

Equal Housing Lender:
Penny Lane Financial, LLC is an Equal Housing Lender. As prohibited by federal law, we do not engage in business practices that discriminate on the basis of race, color, religion, national origin, sex, marital status, age (provided the applicant has the capacity to contract), because all or part of the applicant's income derives from any public assistance program, or because the applicant has in good faith exercised any right under the Consumer Credit Protection Act.

NMLS Consumer Access:
Our NMLS number is 1905686. WA – MB1905686 AZ – 1034711  You can verify our licensure status and find more information about our company at the NMLS Consumer Access website: https://www.nmlsconsumeraccess.org/ WA – MB1905686 AZ – 1034711

Terms and Conditions:
The loan terms and conditions provided by Penny Lane Financial, LLC are subject to change without notice. All loan approvals are subject to underwriting guidelines and credit approval. Not all applicants will qualify. Interest rates and annual percentage rates (APRs) are based on current market conditions and are subject to change.

Mortgage Loan Information:

  • Loan Types: We offer a variety of mortgage loan options, including fixed-rate mortgages, adjustable-rate mortgages (ARMs), FHA loans, VA loans, and jumbo loans.

  • Interest Rates and APRs: The interest rates and APRs provided on our website are estimates and are subject to change based on market conditions and borrower qualifications. Please contact us for the most current rates.

  • Loan Fees and Costs: Mortgage loans may involve fees, including origination fees, appraisal fees, credit report fees, and other closing costs. These fees will be disclosed to you during the loan process.

Consumer Rights and Responsibilities:
As a borrower, you have the right to receive a Loan Estimate within three business days of submitting a complete loan application. This document provides important details about the loan terms, estimated costs, and other important information. You also have the right to receive a Closing Disclosure at least three business days before your loan closing, which outlines the final terms and costs of your loan.

Homeownership Counseling:
If you are experiencing financial difficulties or have questions about your mortgage loan, you may seek assistance from a HUD-approved housing counseling agency. For a list of HUD-approved counseling agencies, visit the HUD website at https://www.hud.gov/program_offices/housing/nationally_hud_approved_housing_counseling_agenciesdirectory

 

Insurance License:
Penny Lane Financial, LLC holds life, disability, property and casualty insurance licenses in WA and AZ, NPN #17702278. We are committed to providing comprehensive financial services, including insurance products, to meet the diverse needs of our clients. Regulated by Washington State Insurance Commissioner at https://www.insurance.wa.gov/

​

Privacy Policy:
We are committed to protecting your privacy and ensuring the security of your personal information. For details on how we collect, use, and safeguard your information, please review our privacy policy here.

​

Contact Us:
If you have any questions or need further assistance, please do not hesitate to contact us at 253-327-1177 or email to vip@pennylanefinancial.com.

​

Penny Lane Washington

Check us out  

Penny Lane Financial NMLS #1905686 WA State, NMLS #1034711 AZ State

​

 

  • Instagram
  • Facebook
  • LinkedIn

NMLS Consumer Access - click here

EQUAL HOUSING LENDER

 

All Rights Reserved © 2017 - 2024 Penny Lane Financial LLC .

bottom of page