Financial Worries After Death

You seem lost, totally alone in the world.  There is no one to greet you when you come home.  You sit alone at the table for meals now.  There is an ominous echo throughout the house.  Your mind seems to wander, thinking about the happy times you once shared with your spouse.  It’s hard to start your life again after losing a spouse.  Your entire life has changed.  

Many women have never established credit in their own name.  This can cause a widow many problems, especially those on fixed incomes.  As a result, many women will continue to use their joint credit accounts, amassing large debt.  With only one income now, it is impossible to repay these debts.  For a widow who shared a joint credit account, she will now be responsible for the entire account and its payments.  Although some creditors will offer deferred payments, others may not be so kind.  Rather than letting payments fall behind, it is far better to ask for a postponement or extension, before the due date.   Some creditors will scale back benefits, lowering credit lines, upon learning of the passing of your husband, while others may ask you to apply for credit in your name only.

The worst time to deal with financial problems is after your spouse has passed away.  Every year, you should sit down together and discuss your financial situation.  All financial paperwork should be kept together, in a safe and secure place.  A plan should be in place, providing protection for either surviving spouse.  Emergency funds accounts are an excellent way to accomplish this.  With proper planning, life after death of a spouse can be much simpler.