Planning Ahead: Helping Your Spouse Navigate Finances After Death

By Jennifer Sawday, Partner, TLD Law

At TLD Law, we often see families face one of life’s hardest transitions: the death of a spouse. In many marriages, one partner naturally takes the lead on banking, investments, and household finances. This division of responsibility works well during life, but when the more financially engaged spouse passes away, the surviving spouse may suddenly find themselves unprepared to handle financial matters.

This dynamic has nothing to do with gender roles. It’s simply the result of how couples divide interests and labor within a relationship. Regardless of who manages the finances, both spouses benefit from thoughtful planning to ensure the survivor can step in with confidence.

Practical Steps for Couples

Here are several steps you can take now to make things easier for your spouse later:

1. Share Banking and Loan Information

Both spouses should know where all accounts are held—whether “yours, mine, or ours.” Relying on a phone full of apps to uncover accounts after death creates unnecessary stress. This includes not only bank accounts, but also car loans, personal loans, and financing arrangements with third-party lenders such as Affirm or Karma.

2. Confirm Beneficiary Designations and Trust Planning

Ensure your financial assets are properly titled in your trust. At a minimum, list your spouse as the payable-on-death (POD) or transfer-on-death (TOD) beneficiary with each financial institution. These designations allow funds to transfer smoothly and provide peace of mind.

3. Account for Less Obvious Assets

Assets like cryptocurrency, retirement accounts left behind at prior employers, life insurance policies, or even safe deposit boxes can be overlooked. Create a clear list of these items and update it regularly so nothing is lost or forgotten.

4. Document Household Accounts and Providers

Routine bills can become overwhelming without guidance. Keep a record of common household providers—such as phone carriers, utilities, and insurance companies—and note how those bills are paid.

5. Maintain Separate Credit Cards

Credit cards are often structured with one spouse as the primary account holder and the other as an authorized user. If the primary cardholder passes away, the account may be closed immediately, disrupting auto-payments. Each spouse should maintain at least one credit card in their own name to avoid unnecessary complications.

6. Write It Down

Even with the best preparation, death is never simple. But keeping organized lists of accounts, providers, and financial details can spare your spouse significant stress.

Why Advance Planning Matters

The sudden death of a spouse not only causes immense grief but can also incapacitate the surviving spouse when it comes to financial matters. While attorneys can help guide families through these challenges, legal assistance often comes at a high cost. Your own preparation, on the other hand, comes at little or no cost and provides invaluable relief for your loved ones when it is needed most.

At TLD Law, we work with families to plan for these transitions with care and foresight. The most meaningful gift you can leave behind is not just financial stability, but also clarity and peace of mind.