How to avoid financial deadlock —or worse—after one spouse dies

Source: Cheryl Winokur Munk, Barron's

Financial advisors say there should be a comprehensive list of all financial contacts, advisors, attorneys, accountants, insurance professionals, and copies of beneficiary designations. The financially savvy spouse should also prepare a written list or spreadsheet of the couple’s assets and liabilities, including digital assets and passwords to these accounts. The spouse should also note the location of financial records including insurance policies, wills, and trusts.

It’s also critical that each partner has access to checking and cash independently of the other and that the spouses review together beneficiary designations and how assets and financial accounts are titled.

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