Money decisions after your partner passes away
Losing your partner is not something you can ever prepare for. As you’re going through one of the hardest times of your life, there are some immediate decisions to make. Here’s some information and things to consider that might help.
01
Funeral costs
You’ll need to find a funeral director to take care of formalities. Ask them for a quote so that you understand all the related costs. This will also help you ensure they’re only charging you for the things you need or want.
Some of the main costs are:
- Funeral director fees
- Transport
- Coffin
- Death certificate
- Cemetery or cremation arrangements
02
The Will
If your partner had a Will then it’s important to get all the necessary details to the executor. This is the person named in the Will who carries out the deceased’s wishes. They’re in charge of distributing assets as set out in the Will, as well as paying any debts. The documents they’ll need are:
- Bank statements
- Credit and store cards
- Tax records
- KiwiSaver or superannuation details records of investments
If they've passed away without a Will, you may need to go through 'formal administration'. This is a legal process when there is more than $15,000 in assets (like savings, KiwiSaver or property). It involves court orders and has defined rules for the distribution of assets. It could be a good idea to talk to a solicitor.
03
Updating names on accounts
Change any bills (like power, water, phone and internet) and joint accounts into your name. If there were any bills that weren't in your name, you may need a death certificate to help the process.
04
Figure out your new normal
Your financial situation will probably change, and it’s hard to plan without a clear picture of where you’re at. Work out all your expenses and what income is coming in, then start creating a budget. You don’t need to think too far ahead, but it’s good to have a plan in place for the next few months.
