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06.08

Survivor Planning: What Every Spouse Should Know

By Sharon C. Richardson

With all the concerns of rising gas prices, home foreclosures, rising health care costs, and bills, bills, bills, it is ironic that many people have not given thought to the financial security of their loved one or themselves when either one dies. It is especially important if the loved one was the breadwinner of a family. Typically, children and siblings are not well informed of their loved ones affairs — because no one wants to talk about death. We all assume that our loved ones have burial insurance, but what if they don’t? Or what if it isn’t enough? Did they have insurance at work? How will bills be paid? The question is: are you prepared?

In IEEE-USA’s new e-book release, Survivor Planning: What Every Spouse Should Know, by George F. McClure, the author gives readers clear guidance on how and why they need to prepare for the inevitable. Though this e-book’s target reader is the spouse or partner of the deceased, it is full of information that anyone and everyone needs to know. Someone will have to be responsible for your affairs after your death, and you want to make sure that your spouse, partner, and/or children are taken care of.

In the first section of the book, What Your Loved Ones Should Know, the first thing McClure points out is that organization is a must. Bills, receipts, invoices, bank statements, tax returns, mortgages, insurance policies, property deeds, automobile titles and more, need to be collected and organized — so that whoever is responsible for your affairs can make sense out of what needs to be done. He stresses the need for immediate action. “It is easy to put off, but don’t procrastinate — the sooner you collect and organize the materials you need, the easier it will be to track the affairs for your spouse or partner”, McClure writes. In this day and age, where whole families are lost in war, accidents and weather catastrophes, someone else may have to tend to the affairs of the family.

Another topic in the e-book, Advanced Planning — Getting a Safety Deposit Box, talks about the importance of putting all your collected materials — marriage/divorce certificates, military discharge papers, passports, collections, and jewelry — in a safety deposit box, or some other place that is safe and secure.

McClure’s section on Retirement Benefits is about getting an understanding of how your loved ones’ retirement benefits work. “This can be the most essential part of yours, or your loved one’s future financial security,” he wrote.

In A Word about Wills, Living Trusts and Finances, McClure stresses that if you don’t have one, getting a will is a priority. He also gives helpful tips to follow and think about — like bank accounts that may be frozen, if the deceased is the sole name on those accounts, leaving the survivor without the immediate finances they may need.

One of the most helpful sections of this e-book, aptly titled Put Together a Checklist, is just that, a list that includes financial data you will need, advisors, budgeting information, retirement plan information, final plans, and much more, along with helpful Web sites to get more information.

The section on In the Event of is clearly separated into two parts: “Notifications,” who you need to contact; and “Actions,” what you need to do.

In his conclusion, Mr. McClure states “Don’t leave your family in the dark, digging to find important documents and information.” He advises readers to revisit all the information you have collected and update it often. “Paying attention to these details now will not lessen their grief, but it will help your spouse avoid some anxiety, stress and frustration when you are gone.”

If you are one of those who have not given thought to survivor planning, and want to know more about getting started, don’t procrastinate — get started today by downloading your copy of Survivor Planning: What Every Spouse Should Know.

IEEE-USA E-Books invites IEEE members and volunteers to submit queries for e-books they may want to write. If you’ve got an idea for an e-book that will educate other IEEE members on a particular topic of expertise, e-mail your e-book queries and ideas to IEEE-USA Publishing Manager Georgia Stelluto at g.stelluto@ieee.org.

You can purchase IEEE-USA e-books — and download free ones —at www.ieeeusa.org/communications/ebooks .

Sharon Richardson is IEEE-USA’s Communications Assistant and Editorial Assistant for IEEE-USA Today’s Engineer Digest. Comments may be submitted to todaysengineer@ieee.org.