Don't leave them looking for important documents or the bank account password.
I had an aunt who did everything for her husband. She paid the bills, invested their money and oversaw the family budget, plus she did all the household chores.
You might imagine Uncle Bob was an extreme case of helplessness. But there are many Americans who struggle to manage the family’s financial affairs after the death of a spouse. Want to make it easier for your spouse or significant other to take over? Try these 16 steps: 3. Term life insurance. This offers low-cost financial protection. It’s especially important if you have children still at home.
6. Simplify. Construct an investment portfolio that requires little maintenance—by sticking with a few broad market index funds. Two benefits: There’s no need to make sell decisions on individual stocks and no risk of underperforming the market. 11. Beneficiaries. Review and update all beneficiary designations on retirement accounts and life insurance policies.
14. Pension. Choose a survivor option for your pension, so payments to your spouse continue after your death.
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