Whether you find yourself suddenly single due to death or divorce, the weight of becoming solely in charge of all financial decisions can be overwhelming. Here are a few key places to start:

Establish an emergency fund. Look at your immediate expenses and then the gap between those expenses and your monthly income. This will give you a guideline amount to start stashing away until your emergency fund is about 3 times that figure.
Update all of your beneficiary designations. Make sure you change the beneficiary on your retirement plans, life insurance, and bank accounts. Make sure you change the primary and contingent beneficiary.

Look at your tax picture to determine how to file your taxes. Will you deem yourself as “married filing separate”, “Single filer”, or “Head of household.” Find the filing designation that will benefit you most.

Take care of your legal designation such as; who has your power of attorney? Who can make medical decisions on your behalf? Who would handle your estate?

Most important – do not forget to take care of yourself. If you do not, you will not be any good to those you love.

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