The Big Question: When your spouse or partner passes away, your world changes overnight. In the middle of grief, financial questions inevitably follow: Will I be okay financially? What happens to our accounts, our home, our income? These are the core questions of survivor financial planning.
Why This Matters: Losing a spouse or partner is not just an emotional loss, it’s also a financial crossroads that calls for thoughtful survivor financial planning. Income may change. Debts and taxes may come due. Estate issues must be settled. Inheritance decisions can’t be put off forever. Delaying important steps can create financial uncertainty or missed opportunities that affect you and your family for years to come.
A sound survivor strategy rests on several essentials:
- Income Clarity – Knowing how much you’ll need to live on and where it will come from (pensions, Social Security, investments, insurance). Survivor income planning is critical here.
- Asset Transfer – Understanding which accounts bypass probate and which require legal settlement.
- Tax Awareness – Filing your spouse’s or partner’s final return, handling inherited retirement accounts, and avoiding costly missteps.
- Debt Resolution – Determining which obligations are yours—and which are not.
- Estate Continuity – Updating your own estate plan to protect children, grandchildren, or other heirs.
- Investment Alignment – Deciding how to manage inherited assets to balance stability and growth within a survivor financial planning strategy.
Moving Forward with Clarity
No one can prepare you for the grief of losing a spouse or partner. But you can have a fiduciary advisor and independent advocate who brings clarity to the financial side. Survivor financial planning is about more than numbers—it’s about helping you regain stability, protect your finances, and move forward with confidence in the next stage of life.
How Century Management Helps
Serving as your independent advocate, we work only for you and in your best interest. Our team helps you:
- Coordinate with attorneys, CPAs, and estate executors so nothing falls through the cracks.
- Organize accounts, insurance policies, and key documents for easier decision-making.
- File for life insurance and Social Security survivor benefits as part of a complete survivor financial planning process.
- Review debts and liabilities to clarify responsibility.
- Create a comprehensive survivor income planning strategy for both near-term and long-term needs.
- Provide investment management tailored to your stage of life, risk comfort, and cash flow needs.
- Update your estate plan to reflect new realities and provide for your heirs.
Common Mistakes to Avoid
❌ Assuming probate will be fast and simple. ❌ Overlooking hidden debts or liabilities.
❌ Failing to file your spouse’s or partner’s final tax return. ❌ Waiting too long to update your own estate documents.
❌ Taking withdrawals from inherited IRAs or 401(k)s without considering tax consequences.