Regardless of the extent of your financial and estate planning, the emotional impact of a spouse’s death is something few people are prepared for. Even so, during this difficult time, choices—including decisions about money—need to be made. It’s not easy, but there are things you can do to reduce your stress as you work through your finances as a new widow.

　　1. What to do when a loved one dies: Take time to grieveWhen a spouse dies, take time to grieve, get your bearings, and don’t worry about making any big financial decisions until you’ve had time to review your options. Your top priority likely will be making funeral arrangements and going through all the steps necessary to ensure the burial goes smoothly.

　　In addition, some bills may need immediate attention, several copies of the death certificate will be required as proof for closing or taking over accounts, and if your deceased spouse was receiving Social Security benefits, the Social Security Administration must be notified.

　　2. Taxes: Are you a qualifying widow(er)?If you typically used “married filing jointly” status when filing your income tax return before your partner’s death, you’ll continue to do so on the return for the year your spouse died, provided you didn’t remarry.

　　After that, you may be able to use qualifying widow status if you have a dependent child who lives in your home all year, and you pay for more than half the cost of maintaining the home for a year.

　　Higher standard deduction. In the two years following your spouse’s death, you’ll continue to have the advantage of claiming a higher standard deduction. In the third year, you’ll revert to the lower “single” standard deduction (unless, of course, you remarry).Married filing jointly tax rate. As long as you qualify as a widow(er) when filing your taxes, you can benefit from the joint tax rate, potentially keeping you in a lower bracket.The two-year window to file as a qualifying widow(er) gives you time to adjust your tax strategy before you have to start preparing your taxes as a single filer. It pays to research and understand how to use qualified widow(er) status to your advantage.

　　3. Social Security survivors benefitsBe sure to notify the Social Security Administration (SSA) promptly after your spouse dies. In most cases, the funeral director notifies the agency of the death. If Social Security benefits continue to be paid after the month your spouse died, the money will need to be reimbursed.

　　Whether you’re eligible for the one-time Social Security death benefit of $255.When it makes sense to begin receiving survivors benefits, which can’t be claimed until age 60, unless you’re supporting a child under age 16. Waiting until you reach your full retirement age usually results in a higher monthly payment.How much your survivors benefit would be. It’s based on a percentage of your spouse’s retirement benefit.You may need to do some calculations to maximize your total Social Security benefit. The Social Security Administration wants you to get the maximum benefit depending on your specific situation, so it will help you through the calculations.

　　Look at the amount of the survivors benefit you could receive now (assuming you are age 60 or older) and the survivors benefit if you waited until your own full retirement age. Compare those amounts to your own benefits at age 62, full retirement age (66 or 67, depending on the year you were born), and 70, the age at which benefit increases stop.

　　If your own benefit is higher than the survivors benefit, you may want to begin survivors benefits as soon as you can and then convert to your own benefit later. If your survivors benefit is higher than you will earn on your own, and if your financial situation allows, you may want to hold off on starting survivors benefits until full retirement age to maximize your benefits.

　　4. Update your estate planningAfter the death of a spouse, it’s a good idea to review your will and other estate planning documents and update your beneficiaries as needed. Often, spouses list each other as beneficiaries and grant each other privileges under powers of attorney and through living wills.

　　In the weeks after your spouse’s death, review and update the information in these items, which may include removing your deceased spouse’s name:

　　Life insurance policies Car and home insurance Utilities Investment accounts, including retirement accounts Loans and bank accounts, including credit cards Living will and health care proxy documents Health Insurance Portability and Accountability Act (HIPAA) forms Power of attorney documents Will and trust documents5. Consider your next financial and life stepsAfter a few months, you may feel it’s time to begin taking your next financial and life steps—although it’s smart to move at your own pace. Even though some time has passed, you may remain vulnerable to high-pressure sales tactics urging you to purchase expensive and complicated financial products you don’t need.

　　You might start thinking about how you want to change your life. This could include making decisions about:

　　Whether to sell your home or downsize in some other way. The types of activities you want to engage in, such as travel or developing new hobbies. Your portfolio asset allocation and whether you should make adjustments. Whether you need to consolidate accounts and reduce any complexity. How to handle inherited and/or beneficiary retirement accounts and when to begin taking distributions from them. Whether ongoing charitable donations are part of your financial plan and if a tool like a donor-advised fund makes sense. If you should keep working in your current job, retire, or pursue a new career.You may wish to consider speaking with a financial advisor to review your current assets, your options, and how you can get the money you have to last as long as possible. Get a second opinion if you’re unsure about any recommended financial products and services. For example, although annuities and long-term care insurance might be appropriate in some situations, you may not need these products.

　　The bottom lineLife immediately following a spouse’s death is a tough time. You’re grieving while also making important decisions about burial or cremation and other pressing matters. If you have a good support network, ask for help as you organize your accounts and documents.

　　The key thing to remember is that you don’t need to make major changes to your life or finances right away. Once the pressing paperwork is taken care of, take a step back, give yourself space, and evaluate your next moves before committing your money and other resources to a course of action.