How Can I Ensure That the Home and Other Ongoing Expenses Are Paid?
In the wake of a loved one’s passing, managing the household and ensuring that ongoing expenses are covered can be both an emotional and logistical challenge. However, taking a few organized steps can help you safeguard the home, honor their legacy, and avoid unnecessary financial strain.
1. Identify and List All Ongoing Expenses
Start by creating a clear picture of the financial obligations tied to your home and daily living. These typically include:
Mortgage or rent payments
Utility bills (electricity, water, gas, internet, etc.)
Home insurance
Maintenance costs (repairs, landscaping, security systems)
If your partner handled these payments, look for records in bank statements, receipts, or emails to track recurring expenses.
2. Access Shared Bank Accounts
If you and your partner shared a joint bank account, you may still have access to funds. Use these accounts to cover immediate expenses while you navigate the inheritance process. Ensure you inform the bank of your partner’s passing to avoid complications later.
3. Notify Financial Institutions
For accounts in your partner’s name alone, notify the financial institutions to temporarily pause or adjust payments while you sort through legalities. Provide a copy of the death certificate when requested. Many banks offer support for bereaved families to manage payments during this period.
4. Locate Life Insurance or Savings
Life insurance policies or personal savings can be critical in maintaining household stability. Check if your partner had:
Life insurance policies with payouts for surviving family members.
Savings or emergency funds earmarked for situations like this.
Submit the necessary documents, including the death certificate, to access these funds as quickly as possible.
5. Reach Out to Service Providers
Contact utility companies, landlords, and other service providers to:
Notify them of your partner’s passing.
Verify account balances and due dates.
Arrange for payment plans if needed.
Many service providers are understanding during times of loss and may offer temporary adjustments or grace periods.
6. Secure and Protect the Property
Take steps to safeguard the home while arrangements are being made:
Ensure utilities remain active to maintain the property.
Notify neighbors or trusted friends to keep an eye on the house if you’re away.
If the property is vacant, arrange for regular check-ins to avoid issues like break-ins or neglect.
7. Leverage the Estate’s Assets
The estate is typically responsible for covering debts and ongoing expenses. If you are named the executor or have access to the estate, you can use its funds to:
Pay off mortgages or outstanding utility bills.
Cover property maintenance or taxes.
Consult with an estate professional to ensure all steps comply with legal requirements.
8. Seek Professional Support
If you’re unsure about managing expenses, consider reaching out to:
Financial advisors to guide you on cash flow and priorities.
Legal professionals to assist with estate access and obligations.
Property managers if the home requires additional care or tenants.
9. Communicate with Family Members
In some cases, family members may offer temporary support. Discuss how they might assist with immediate expenses or upkeep while you organize the estate. This can help reduce the emotional and financial burden.
10. Plan for the Long Term
Once immediate concerns are addressed, consider creating a plan for the future:
Determine if you wish to keep or sell the home.
Explore refinancing options if the mortgage becomes difficult to manage.
Budget for ongoing property costs to ensure stability.
Final Thoughts
Managing a home and ongoing expenses after losing a partner is a deeply emotional task. By taking methodical steps and seeking support when needed, you can ensure that your partner’s wishes for your security and comfort are honored. Remember, you don’t have to do it alone—trusted advisors and compassionate guidance can make this journey a little easier.