Losing a spouse or partner
The moment you experience the death of a spouse or partner, your world changes forever. Whether the loss is sudden or expected, you must make important decisions that will affect the rest of your life. It can be a confusing, overwhelming time, especially if your spouse or partner was the one who took the greater interest in managing the family’s finances. And grief can cloud your ability to make sound decisions.
Going solo doesn’t mean you have to do it alone. We can help you figure out priorities, and then work with you, over time, at your pace, as you get ready to take the next steps to plan your own future.
We’re here to help you gain confidence in your decisions, both with endings and new beginnings.
-
Some things you can do right after the death of your spouse
- Notify immediate family
- Arrange for religious service, funeral, cremation, burial
- Locate your spouse’s will and find out who has been named as executor
- Call a lawyer to review the terms of the will and any steps the lawyer recommends for settling the estate
- Collect documents (social insurance number, birth certificate, marriage certificate, death certificate, driver’s license, bank statements, investment statements, real estate deed or lease, mortgage statement, credit card statements, insurance on car and house, life insurance policies and group benefits, pension statements, loyalty programs and digital assets)
- Review your holdings, think about family cash needs, and make any changes that are crucial in the short term to protect your assets and your security
-
Work with the executor of your spouse’s will to attend to these tasks:
- Notify Service Canada to cancel existing payments and to apply for survivor benefits
- Apply for life insurance benefits and pension survivor benefits
- Cancel spouse’s driver’s license, subscriptions, memberships, credit cards
- Notify bank and investment advisors, close accounts that are no longer needed, change beneficiary designations on your personal accounts and inherited accounts
- Apply for probate, with the help of your estate lawyer, if necessary
- Review your holdings, income and expenses, and make any changes that are needed in the short term to protect your assets and your security
- Talk to your accountant or tax advisor about tax decisions you need to make in the year of the death of your spouse
-
Life after death can be difficult for a surviving spouse. At first, you may feel as if you are in a fog, disconnected, unable to hold a thought, or make decisions. During this time, it’s best to deal with immediate needs and to start things that must be done. Over time, you will become more ready to finish the tasks, and to adjust to your new life. For each person, the timing will be different, and it is likely to be six months to a year or more before you complete the items on this list.
- Take care of yourself
- Give yourself time to grieve and to reflect on what is important to you for the next stage of your life
- Explore ideas to honour the memory of your spouse
- Contact accountant or tax preparer to arrange for final tax return and estate tax return, and to find out how your taxes will change
- Cancel digital assets, such as email accounts, websites, Instagram accounts
- Remove spouse’s name from the voter’s list
- Update your spending and savings plan, your investment and withdrawal strategy, your will and your beneficiary designations
- Delay big decisions, such as selling the house, moving or changing job, until you have had time to come to terms with your new situation
-
- LISTEN AND HELP YOU BUILD A FINANCIAL PLAN SPECIFICALLY FOR YOUR NEW SITUATION
- PROVIDE A SAFE SPACE FOR YOU TO EXPLORE YOUR THOUGHTS AND FEELINGS AS YOU MAKE NEW FINANCIAL DECISIONS THROUGHOUT THIS TRANSITION
- FINANCIAL GUIDANCE AND ADVICE
- SET UP CASH FLOW TRANSFERS FOR YOUR ONGOING EXPENSES
- MANAGING AN INVESTMENT PORTFOLIO AFTER SPOUSE’S DEATH
- REVIEW AND UPDATE YOUR INVESTMENT STRATEGY
- REVIEW BENEFICIARY DESIGNATIONS ON YOUR RRSPs, RRIFs AND TFSAs