Life Insurance

• When her husband dies, a widow often worries about immediate financial survival. She faces the regular monthly bills, and costly funeral expenses add to the financial burden. Insurance proceeds generally provide quick and ready cash for these short-term needs. Depending on your life insurance planning, your husband's policy may provide enough money to pay for your children's college expenses or provide you a supplemental income in retirement. Look also to see if your husband left behind credit card or mortgage insurance policies that will pay off debt. Life insurance proceeds are not taxable, and because insurance policies typically name a beneficiary, the proceeds do not need to go through probate. Contact the insurer to request a claim form. Social Security pays a one-time, lump-sum death benefit if your husband earned sufficient work credits. You may also qualify for Social Security income benefits for yourself and for your children. Contact your local Social Security office to start the claim process.
  
  

IRAs, 401k and Pensions

• As the beneficiary of your husband's IRA, you can roll over his account into your own IRA. Contact the IRA custodian to ask about your options and obtain appropriate paperwork. If your husband owned a 401k at work, contact his employer's benefits administrator to file a claim. Also ask about other benefits, such as pensions or group life insurance benefits. You may also claim unpaid wages or bonuses, stock savings plans, vacation time or any unreimbursed expenses. If he had a pension with a union or private company, you may be able to claim benefits depending on the contract and choices your husband made.
  
  

Wills and Probate

• The probate process transfers ownership of the deceased's property to others in a court-supervised process. Assets titled only in your husband's name, such as a checking account or investment account, require a probate process to transfer ownership. If your husband named his estate as a beneficiary for an IRA, insurance policy or 401k, those items must also pass through probate. A will indicates the deceased's wishes regarding his property. The court receives and accepts the will as your husband's instructions regarding his intended beneficiaries. If no will exists, the state distributes property according to state probate laws.
  
  

Real Estate

• Real estate may represent one of your largest financial assets as a surviving spouse. Rushing into large financial decisions after the loss of a husband can lead to big regrets later. Take time to think through your options. You may want to downsize your home and your finances, but selling a large home for a small condo may not accomplish your financial goals if monthly condo fees keep your expenses high. Take time to study your monthly cash flow. Calculate your annual housing expenses, including mortgage, taxes, insurance and maintenance. Consider your emotional ties to your home, and think about the kind of living requirements you will need for the next number of years. Give yourself plenty of time to make the best decision for your new lifestyle and your financial requirements.