Helping Your Widowed Parent

by Shae Irving, J.D.

A checklist for getting organized

1. Find assets.
Often, just one spouse manages most of a couple’s finances. Be sure that your surviving parent knows where important assets are located. Over time, you may find it helpful to make a master list of bank and brokerage accounts, retirement plans, insurance policies, real estate, items in safe deposit boxes, and other significant assets. Make note of sizeable debts as well.

2. Collect insurance.
Find out whether your surviving parent is the beneficiary of a life insurance policy and, if so, contact the insurance company and file a claim for benefits. This is one of the first things you can do to ensure there’s enough cash on hand.

3. Apply for benefits.
Helping your parent apply for Social Security benefits should be near the top of your list of things to do. Contact the Social Security Administration (www.ssa.gov) for information about survivor's benefits. In addition, investigate other benefits to which your parent may be entitled, including pension, veterans, or other employment-related payouts.

4. Change title to jointly owned assets.
If your parents owned property together -- as joint tenants or in another form of joint ownership -- the survivor should change the title document to show that he or she now owns the property alone. This will make it easier for your surviving parent to manage the property -- and for you to wrap up your surviving parent’s affairs when the time comes. Check title documents for real estate, vehicles, bank or brokerage accounts, and other significant assets to see whether you need to update ownership records.

5. Update will and trusts.
Losing a mate will more than likely cause your parent to reevaluate his or her own plans for leaving property at death. If your surviving parent has a will or living trust, you should eventually have him or her review it and change it, if necessary, to reflect your parent’s current life circumstances and wishes. Also take a look at who is named as beneficiary of retirement plans and any other major assets that will pass outside the will or trust.