When a spouse or partner passes away, the emotional impact can be shattering.

 

Because while you’re grieving, a part of you knows you need to take care of the practical things.

 

So if you recently lost your significant other and have no idea where to start, begin with the essentials.

 

In the first few weeks, focus on gathering important documents like the death certificate, will, insurance policies, and recent account statements. These will be needed as you notify banks, government agencies, and insurance companies.

 

Make sure household bills like your mortgage or rent, utilities, and property taxes continue to be paid. It’s easy to forget when you’re grieving, so putting automatic payments in place can help.

 

Once you’ve gathered all of your documents, the next step is to contact the right organizations to move forward.

 

Start by contacting Service Canada since they will stop benefits in your spouse’s name and help you apply for CPP or OAS survivor benefits.

 

At the same time, reach out to insurance providers so they can begin processing any life insurance claims.

 

If your spouse had a pension or benefits through work, contact their employer as soon as possible.

 

Keep in mind that insurance and survivor benefits may take a while to arrive, so make sure you have enough short-term cash to cover expenses.

 

Once that has been settled, it’s time to head to your bank because you’ll want to remove your spouse’s name from any joint accounts, property titles, and credit cards.

 

Review and update beneficiaries on RRSPs, RRIFs, and any TFSAs.

 

When you’re ready to move forward, it’s the right time to take a step back at your overall plan.

 

Because at this point, talking to an advisor to help take care of any investments, withdrawal strategies, and tax planning might be a great idea to take the burden off a stressful time.

 

Since no one is ever fully prepared to lose a loved one, taking things one step at a time can reduce the stress of uncertainty.

 

And remember, you don’t need to go through this alone.

 

Our professional insights can help lift much of the burden, giving you space to grieve and eventually move forward.

 

By taking small steps, you’ll regain a sense of financial stability while allowing yourself the time you need to heal.

 

If you need help, book a one-hour meeting with our advisors at (403) 260-0469 or visit us at woodgundyadvisors.cibc.com/popowich-karmali-group/ to learn more.