Financial Checklist to Prepare for the Death of a Partner

Navigating the loss of a partner is a painful experience. In today’s environment where privacy and security can restrict access to only account holders, there are some key actions to consider before a loss is upon you. If you have time to prepare, even weeks or months, we've compiled a checklist to assist you in preparing for such a significant life event.

 Essential To-Dos:

 1. Bank Accounts and Investments:

-      Review all checking, savings, CDs, brokerage, and other non-retirement accounts that are not titled in a trust or jointly held.

-      Either add yourself to the account or ensure there's a Payable on Death (POD) or Transfer on Death (TOD) designation. This step ensures immediate access to the funds and avoids probate.

 2. Utility and Service Providers:

-      Confirm that both partners are listed on utility and service accounts. For instance, if only one partner is listed, you might encounter issues accessing or managing these services in their absence.

3. Vehicle Registration and Title:

-      Add yourself as a joint owner on vehicles. Opt for a listing like "Mark Smith OR Joan Smith" instead of "Mark AND Joan Smith" if possible. The “OR” option simplifies transactions without involving probate.

 Key Documents to Locate:

-      Marriage license
-      Your partner's Social Security number
-      Your partner's birth certificate
-      Military discharge papers and veteran's benefit statement (if applicable)
-      Life insurance policy
-      Estate Planning Docs (will, POA, Healthcare and Financial Directives, etc.)
-      Income Tax Return for prior year(s)
-      Deeds for home and investment properties
-      Auto, home, and liability insurance policies
-      Home safe combination/key
-      Safe deposit box information, including the names on the account (accessing contents can be challenging if documented in a deceased person’s name)

 In Our Paperless World – Don’t Forget These:

-       Login credentials and passwords for email and online accounts/memberships. Consider using a password manager like 1Password or FastPass to manage and share access.

-       Login credentials and passwords for PCs, tablets, and cell phones.
-       Autopay arrangements for bills and memberships.
-       Credit cards:

o   Determine whether you are a joint account holder, secondary account holder, or only an authorized user.
o   If you are not the primary account holder, the credit card may become invalid upon your partner’s death. You might also lose associated rewards.
o   Consider adding a credit card in your name only to ensure continued access to credit. Evaluate whether to reduce the number of family credit cards, keeping an eye on your credit score.

For an organized approach, download our Financial Documents/Asset List Template to help you track and manage your assets and accounts effectively.

 By preparing these elements in advance, you can ease the transition during a difficult time and ensure that your financial responsibilities are managed smoothly.