What to Do Financially After the Loss of a Spouse

1. Gather Important Documents

Start by collecting the documents you’ll need to handle legal and financial matters. This includes:

• Multiple copies of the death certificate (you’ll need originals for each institution)

• The will and other estate planning documents

• Bank and investment statements

• Insurance policies

• Property and mortgage records

• A list of login credentials for digital accounts, if available

2. Notify Institutions—But Give Yourself Time

Many people are surprised to learn that acting too quickly can backfire. While it’s important to notify financial institutions, doing so too soon can freeze access to funds and disrupt automated payments. I advise clients to notify key institutions within 30 days, giving yourself time to secure access to joint accounts and make any necessary arrangements.

Who to notify:

• Banks and credit unions – To update ownership of accounts and close individual ones

• Credit card companies – To prevent new charges and resolve balances

• Canada Revenue Agency (CRA) – To stop benefit payments and begin the final tax filing process

• Pension providers – To claim survivor benefits

• Insurance companies – To initiate life or mortgage insurance claims

3. Understand Your Entitlements

You may be eligible for financial support, including:

• Life insurance payouts

• Canada Pension Plan (CPP) survivor’s pension

• The CPP Death Benefit

• Employer pensions or group life insurance

• Old Age Security (OAS) Allowance for the Survivor, if you qualify

Check with your spouse’s employer and government agencies to start the application process.

4. Reassign Titles and Beneficiaries

Update the ownership on:

• Bank accounts

• Real estate and vehicle registrations

• Insurance policies and registered plans (RRSP, TFSA, etc.)

Also review and update the beneficiaries listed on your own accounts and policies to reflect your new circumstances.

5. Rebuild Your Monthly Budget

Your financial picture may have changed significantly. Reassess:

• Monthly income and expenses

• Debts that remain (joint accounts or co-signed loans)

• Ongoing bills and automated payments

• Short-term cash flow needs

Adjust your budget to reflect new realities and protect yourself from financial strain.

6. Manage Social Media and Digital Accounts

Don’t overlook your spouse’s digital presence. Take time to:

• Memorialize or close social media accounts (Facebook, Instagram, LinkedIn, etc.)

• Secure or delete email addresses and online subscriptions

• Backup important photos or digital files

• Remove any linked payment methods (PayPal, Apple Pay, Amazon)

This helps prevent identity theft and offers some emotional closure.

7. Avoid Major Financial Decisions (For Now)

You might feel pressure to sell your home, downsize, or make big financial changes—but it’s wise to wait. Give yourself 6 to 12 months before making major decisions. Grief can cloud judgment, and you’ll benefit from a clearer perspective later on.

8. Work with Trusted Professionals

You don’t have to do this alone. A professional support team can guide you:

• A financial advisor can help rebuild your financial plan

• An estate lawyer will assist with probate and legal issues

• An accountant can prepare your spouse’s final tax return and apply for benefits

9. Plan for Your Own Future

Lastly, review your own estate plan:

• Update or create your will

• Assign or revise your power of attorney

• Ensure your insurance and investments reflect your new goals

Final Thoughts

This isn’t just a financial checklist—it’s about protecting your future while you’re grieving and finding your footing again. The first 30 days are about stabilizing, securing, and giving yourself time.

If you're going through this or know someone who is, please reach out. I’m here to support you with clear advice, a steady hand, and genuine care.