Nancy Weingard, CLTC,CFP®Vice President, Financial PlanningRobert Weingard, CLTC2255 Glades Road, Suite 120-ABoca Raton, FL 33431561-997-9100866-206-2609nancy.weingard@raymondjames.comWeingardwealthmanagement.com

Women: Moving ForwardFinancially after the Loss of a Spouse

August 07, 2013

The loss of a spouse can be a devastating,life-changing event. Due to longer life expectancies,women are more likely to face this situation.According to the U.S. Census Bureau, 40% of womenage 65 and older are widows compared to 13% ofmen, and it might surprise you to know thatapproximately 34% of widows are under age 65.

Becoming a widow at any age can be one of the mostdifficult challenges a woman must face. Not only isthere the emotional loss of a husband, but also thetask of handling everything--including all thefinances--without the help of a spouse. Even if you'vealways handled your family's finances, the number offinancial and legal matters that have to be settled inthe weeks and months following your loved one'sdeath can be overwhelming.

Sadly, for many women, becoming a widow is a firststep toward economic hardship. That's why it's criticalfor you to organize your finances after your spouse'sdeath and take ongoing steps to secure your financialfuture and that of your family.

First, take a deep breathBefore you start handling the financial end of things,though, make sure to consider your own needs. Theperiod following the death of a spouse can be a blurof emotions--shock, sadness, despair, anger, denial.It's important to allow yourself the freedom to feelhowever you want to feel. You don't owe it to anyoneto feel or act in a certain way.

Facing your loss can ultimately help you as you workto adapt to the new conditions of your life, so that intime you can create something new. This period ofadjustment, which can last for several years, is oftena time of profound self-discovery for women, whomay find themselves examining issues of identity, lifemeaning, and aging. During this time, it's important tosurround yourself with people you trust--family,friends, support groups, professionals--who can offersupport and advice that's in your best interest.

The short term: steps to takeThere are several financial tasks that must be done inthe weeks and months after a spouse's death. If somematters are too overwhelming to tackle alone, don'thesitate to ask family or friends for help.

Locate important documents and financialrecords. In order to settle your husband's estate,you'll need to locate a number of importantdocuments. These include your spouse's will andother estate planning documents (e.g., trust),insurance policies, bank and brokerage statements,stock and bond certificates, deeds, Social Securitynumber, birth and marriage certificates, and certifiedcopies of the death certificate.

Set up a communications tracking and filingsystem. To help keep track of all the details, set up asystem to record incoming and outgoing calls andmail. For phone calls, keep a notebook handy whereyou can write down the caller's name, date, andsubject of the call. For mail, keep track of what youreceive and whether a response is required by acertain date. Make a list of the names and phonenumbers of the people and organizations you'redealing with and post it in a central location. Finally,create a filing system for important documents andcorrespondence with separate folders for differenttopics--i.e., insurance, government benefits, taxinformation, bank records, estate records, and so on.

Seek professional advice to settle the estate andfile tax returns. Getting expert help from an attorney,accountant, and/or financial and tax professional canbe invaluable during this stressful time. Considerbringing a family member or friend with you tomeetings so you will have an extra pair of eyes andears to process information.

An attorney can help you review your husband's willand other estate planning documents and start estatesettlement procedures. If you are named executor inthe will (or if you are appointed as the personal

Becoming a widow atany age can be one ofthe most difficultchallenges a womanmust face. Not only isthere the emotional lossof a husband, but alsothe task of handlingeverything--including allthe finances--without thehelp of a spouse.

Page 1 of 2, see disclaimer on final page

Prepared by Broadridge Investor Communication Solutions, Inc. Copyright 2013

This information was developed by Forefield, Inc. an independent third party. It is general in nature, is not a complete statement of all informationnecessary for making an investment decision, and is not a recommendation or a solicitation to buy or sell any security. Investments andstrategies mentioned may not be suitable for all investors. Past performance may not be indicative of future results. Raymond James &Associates, Inc. does not provide advice on tax, legal or mortgage issues. These matters should be discussed with an appropriate professional.

Certified Financial Planner Board of Standards Inc. owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™ and federallyregistered CFP (with flame logo), which it awards to individuals who successfully complete initial and ongoing certification requirements.

representative), you will be responsible for carryingout the terms of the will and settling the estate.Settling the estate means following certain legal andadministrative procedures to make sure that all debtsof the estate are paid and that all assets aredistributed to the rightful persons. An attorney can tellyou what procedures to follow. A tax professional canhelp you file certain federal and state tax returns thatmay be due. A financial professional can help you byconducting a comprehensive review of your financialsituation and identifying any retirement and survivor'sbenefits that may be available to you.

Apply for benefits. You'll need to contact severalinstitutions for information on how you can file forbenefits.

• Life insurance--Life insurance benefits are notautomatic; you have to file a claim for them. Thisshould be one of the first things you do. Ask yourinsurance agent to begin filing a claim (if you don'thave an agent, contact the company directly).Most claims take only a few days to process.

• Social Security Administration (SSA)--Contact theSSA to see if you and/or your dependent childrenare eligible to file a claim for retirement, survivor,or death benefits.

• Employers--Contact your spouse's most recentand past employers to find out if you are eligiblefor any company benefits. If your husband was afederal, state, or local employee or in the military,you may be eligible for government-sponsoredsurvivor's benefits.

Update account names. You may need to contactfinancial institutions to change account names and/orupdate contact information.

Evaluate short-term expenses. You may haveimmediate expenses to take care of, such as funeralcosts or outstanding debts your husband may haveincurred. If you're waiting for insurance proceeds orestate settlement money, you can use credit cards forcertain expenses or you can try to negotiate withcreditors to allow you to postpone payment for 30days or more, if necessary. Make sure you have oneor more credit cards in your name, and when you can,order a free copy of your credit report and review it foraccuracy.

Avoid hasty decisions. For discretionary financialdecisions, go at your own pace, not someone else's.For example, don't commit to move from your currenthome until you can make a decision based on reason

instead of emotion. Don't spend money impulsively.Don't cave in to pressure to sell or give away yourspouse's possessions. Find out where you standfinancially before you make any large purchases, sellproperty, or loan money to others.

Moving ahead: the big pictureAfter the initial legal and financial matters related toyour spouse's death are taken care of, you'll enter atransition phase when you'll be adjusting to your newfinancial circumstances. As you navigate this terrain,you might find it helpful to work with a financialprofessional who can help you by:

• Suggesting ways to invest any life insuranceproceeds or estate settlement money you receive

• Calculating your net worth by identifying yourassets and liabilities, giving you an understandingof how you'll meet your short- and long-termspending needs

• Establishing a budget by looking at your monthlyincome and routine living expenses, and makingadjustments as needed

• Helping you update beneficiary designations onyour life insurance, retirement plan, IRA, employeebenefits, annuity, and so on

• Reviewing your investment portfolio at leastannually

• Updating your estate planning documents (e.g.,will, trust, health-care directives, power of attorney)to reflect your circumstances and your wishes fordisposition of the marital estate (e.g., gifts tochildren, grandchildren, charities)

• Updating your insurance coverage to reflect yournew circumstances

Generally speaking, women may have a different setof expectations and requirements from their financialprofessional than men. As you work with a financialprofessional, make sure he or she is responsive towhat you say you need, not what your advisor thinksyou want. Don't be afraid to ask questions, and makesure you understand all your options before makingimportant decisions.

As you move forward with your life, remember that attimes it may be two steps forward and one step back.Take comfort in the fact that you are doing the bestyou can to make the best decisions--financial andotherwise--for yourself and your family.

Women may have adifferent set ofexpectations andrequirements from theirfinancial professionalthan men. As you workwith a financialprofessional, make surehe or she is responsiveto what you say youneed.

Page 2 of 2