Widowhood

Widowhood is something a person never expects and never really wants to think about. It’s a tragic loss, often unexpected. It’s important to be prepared for this stage of life as widowhood has a lot of financial and legal obligations. Women also have a longer life expectancy, meaning that they are 4x more likely than men to outlive their spouses. Here is what I learned through researching widowhood.

As discussed in the “Marriage” section, marriage is a legal document that binds two people together in a multitude of ways. Finances, insurance policies, and retirement plans all become joint when married. Navigating the financial waters can be difficult when going through widowhood. It’s important to be knowledgeable on all finances, insurance plans, wills, income, debts, and assets. Widowhood is an emotional time; the burden can be made easier through planning and education. If I ever experience widowhood in my life, my first step would be to contact my husband’s employer and insurance company. I need to see any policies or retirement benefits. find a legal and financial advisor to help me understand the process better. I will interview a handful of people for both positions, to find the best one. I also will need to make sure I have access to relevant financial information. It’s important to notify applicable insurance companies and financial institutions about the passing of my spouse. There are many available resources for help, including the article Widows and Widowhood. One of the hardest steps of the process is to sort through a loved one’s belongings. This can be made easier if my spouse and I both make plans in advance. It sounds scary and awkward to talk about, but life really is short and full of random occurrences. It’s important to be prepared to make it easier for my spouse and myself. This information can include a will, passwords, a trust, instructions for the funeral, and letters to loved ones. The next course of action I will take will be to handle financial matters, including creating a new budget. I will ask for help from family or outside sources when needed. During this difficult emotional time, I will try to not make any large financial decisions for at least 6 months to ensure I’m making the best financial decisions possible. I also will revisit my investment plan, looking at my goals both short-term and long-term.

How I plan to navigate this time in life:

Be knowledgeable on all finances, insurance plans, wills, income, debts, and assets.
Contact my husband’s employer and insurance company.
Find good legal and financial advisors to assist.
Have access to relevant financial information.
Notify applicable insurance and financial companies about the passing of my spouse.
Make plans in advance.
Handle financial matters including creating a new budget.
Don’t make any large financial decisions within 6 months.
Revisit investment plan.