"When she became critically ill, I was helpless. We have been married for 42 years and she always took care of our financial matters. I knew absolutely nothing about our financial status. It took my daughter and I ten days figuring out what bills had to be paid and how to pay them, finding out if Mother had disability coverage through her job, locating insurance policies, and dealing with Medicare. After two weeks, I was emotionally drained. Had I paid all the bills? Had I taken care of all of the disability coverage? Were there any other assets we neglected to find"?

This scenario is not uncommon, just ask any life insurance agent. Most people desperately need help when the death of a spouse takes place. This chapter is intended to help those faced with the death of a spouse or loved one.

The emotional trauma of losing a loved one is not easy, but knowing what needs to be done, and where things are, will save you many hours of emotional stress. The first thing I must emphasize is that you must get organized before a crisis occurs. Personal and financial papers and information should be organized so that you have easy access to them. -

Let other people help you

Make a list of a team of people that you can depend on to help in case of a crisis, such as your daughter, son, friend, attorney, minister or insurance agent. Be sure that you have the phone numbers and addresses of your team of helpers.

Write down a list of phone numbers and addresses of important financial and personal companies such as: insurance companies, banks, stockbrokers, and hospitals. Keep accurate records concerning any real estate investments, or your personal residence. Be sure to have access to all the receipts for any home improvements you have done over the years. Without these records you may be paying more taxes than you should when you sell your property.

Many people want to sell their home after the death of a spouse. Don’t be too hasty. Be sure it is the correct decision for you or your loved one. In a deflated real estate market you can lose a substantial amount of money. You may want to consider renting your property until the market changes; A good property manager can help you with this. He or she will handle everything from advertising the property, rental agreements, and making sure you receive the rent on time.

To make record keeping easier for you, in my book "Street Smart Estate Planning", I have included a check list of everything that should be done after a death of a loved one. These pages are intended to provide you with easy access to important information at a time when you may need it the most. After filling in the forms, store this book in a safe place.

It can save your family thousands of dollars and many hours of emotional turmoil.