Changing Account Ownership: Part 7 of Financial Considerations When You Lose Your Spouse

Updated: Feb 3

“If you love deeply, you’re going to get hurt badly. But it’s still worth it.” C.S. Lewis


Talk about a romantic love story – C.S. Lewis and Joy Davidman embody it. Perhaps your own romance isn’t quite as spectacular – or public – as theirs, but you still have a story that resonates deeply. And when your spouse passes away, even though the love never changes, the change that results from physical loss is painful. Most of the time, dramatic changes are hard for people, and with the disruption comes confusion and a kind of paralysis.




What are some of the initial, financially related changes you need to take upon losing your spouse to keep yourself safe? In our series on how to manage finances after the death of a spouse, we’re exploring tips from FINRA, a reliable financial source. Today, Tip 7: Changing Account Ownership.

Jointly Held Bank, Credit Union, Brokerage, and Other Accounts

For your jointly held bank and brokerage accounts, you don’t need to be in a rush to change things. For example, a Wells Fargo bank account with both of you as the owners is as much yours as your spouses. Eventually you will need to make the change to have just your name on the account statements and the checks, but since these accounts are in both of your names, you will continue to have complete access to them.


Accounts Just in Your Spouse’s Name

Accounts that are not in your name are trickier. It is not legal for you to sign your deceased spouse’s name on checks or take actions in his name on accounts that are his. The entity may have a way that you as the spouse can provide a death certificate and complete paperwork to make the change, or you may need to wait until probate is completed. If the account owes money, you can always make payments or deposits using your own funds.


Health Insurance through Your Spouse

If your health insurance is through your spouse’s work, you will be able to continue with that insurance (usually at a higher premium cost) for at least 18 months while you find your own. You would let the HR department know, and they will help with that.


Important Cancellations

As soon as you feel you are ready, it is important to take the steps to cancel or close things like a driver’s license or security clearance. Also, be sure to let the three credit bureaus know (Equifax, Experian and TransUnion) and then in a month or two, check back with them to make sure there are no new, fraudulent accounts. Cancelling these things helps avoid possible identity theft.

AARP provides a helpful checklist to use. We’ll continue to cover FINRA’s tips for widows in the next few articles. Tip 8 discusses actions you might want to consider in reviewing your investments. Thank you for joining me.


Kathryn Hauer, a Certified Financial Planner ™, adjunct professor, and financial literacy educator has written numerous articles and several books including the “11-Step, DIY, Comprehensive Financial Plan Workbook” and “Financial Advice for Blue Collar America.” She works to help clients and readers understand and act on complex financial information to keep them and their money safe. She functions as a strong advocate and guiding light for her clients as they move through a murky and unfamiliar financial world.

2 views
Privacy Policy
ebook0.jpg
spanish cover for SHOP.png
DIY Plan COVER 11-13-17 JPG.jpg.jpg
mrp radio.png
index npr .png
index scetv.jpeg

Listen to Kathy on Public Radio

Copyright ©2020 Wilson David Investment Advisors. All rights reserved. For informational purposes only. Past success does not indicate the likelihood of success in future performance.