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WIDOWHOOD: AN INCONVENIENT REALITY
By Susan Washburn, CFP®, JD
A terrifying statistic - 80% of men will die
married and 80% of women will die single.*
Take a moment to ponder that statistic. As
you think about those percentages, you
may easily conclude that dying single is
predominately a women’s experience.
While the statistic may seem like an abstract
concept, it unfortunately continues to
become a reality as the ProVise team once
again started working with several recently
widowed women.
In marriage, widowhood is likely an
eventuality. Would you believe the median
age for widowhood is 59.4 years? Several
very public widows pop into mind like
journalist Katie Couric, Sheryl Sandberg,
Chief Operating Officer of Facebook and
Vanessa Bryant who lost her husband, Kobe
Bryant, and daughter in a tragic helicopter crash. Widowhood
may expand for years and even decades where women must
pick up the financial pieces of their lives.
Because widowhood is an uncomfortable subject, many couples
do not address this issue. Many couples neglect the issue of
widowhood for many understandable reasons but as financial
planners at ProVise we view it as a fundamental part of planning
for your financial future.
Where do you start? We recommend taking some simple steps.
1. As a couple, who takes the lead in your financial and investment
matters? If you are a woman who only takes a minimal
interest in your financial matters, get involved by setting up
a spousal meeting monthly or even quarterly.
2. With your spouse, take inventory of all your assets and create
a comprehensive list. Ask yourself the following questions:
a. What do we have?
b. Where is it held?
c. How do I access it?
d. Who is the owner?
So let’s take an easy example and assume you own a home.
Whose name(s) are on the title? Do you have a mortgage on the
property? If so, what bank holds the mortgage? How do you
Susan Washburn, CFP®, JD
About ProVise Management Group, LLC: ProVise is a financial planning and investment management firm registered with the Securities and Exchange
Commission (SEC) and has been in business since 1986. Our 15 professional advisors serve approximately 1100 clients in over 30 states. As of 3/31/2021 we
were managing approximately $1.6 billion for our individual, corporate, not-for-profit and 401k retirement plans. Please visit our website at: provise.com.
Investment Advisory Services offered through ProVise Management Group, LLC. The information herein is general and educational in nature and should
not be considered legal or tax advice. Tax laws and regulations are complex and are subject to change.
98 TAMPA BAY MAGAZINE | JULY/AUGUST 2021
pay the mortgage via check or automatic
debit? Do you get statements via an online
account or through the mail? Do you need
a password and security questions to access
the account online?
As you can see from this list of questions, it
is so important to go through this process
with all your assets. Some of your assets like
your retirement account will only be in one
individual’s name so it becomes critical for
the surviving spouse to know the account
number and who to contact.
Create a system that each spouse understands
and can access. Would you work best with a
binder system with your insurance policies,
tax returns, bank account and investment
account statements at your fingertips or
do you prefer to store information online?
Remember to keep a list of usernames and passwords to all online
accounts and that this information should be stored securely.
3. It is imperative that you have estate planning documents.
Do you have a “last living will and testament?” Work with
an attorney to determine what you and your spouse need.
If you do not have a will, your surviving spouse will need to
take additional steps to liquidate or transfer any assets owned
solely in your name. If you die without a will, then the laws
of your state will determine who inherits.
4. Both spouses should have a frank discussion about what
sources of income will exist to support the surviving spouse?
If you each collect Social Security benefits, upon the death
of a spouse, you will go from two checks to one check. If your
spouse has a pension, will you receive any his benefits upon
his death?
As you tell from the checklist above, a great deal of time
and preparation goes into financial planning. Our ProVise
team helps develop a plan to handle the issues that must be
addressed upon the death of a spouse as well as for the longterm
security of the surviving spouse. Though we can never
be completely ready for the death of a loved one, by giving
these matters attention during your lifetimes, we can help the
surviving spouse move through the stages of grief to growth
and ultimately to grace.
*“Widows’ Voices: The Value of Financial Planning” by Kathleen M. Rehl, Carolyn C. Moor, Linda Y. Leitz and John E. Grable. Published in the Journal of
Financial Service Professionals, January 2016.