What to Do When You Lose a Loved One: A Financial and Family Roadmap

Six Things You Should Know

1. Equity Markets – were up this week with U.S. stocks (S&P 500) rising +0.12% while international stocks (EAFE) grew +0.60%.
2. Fixed Income Markets – were down this week with investment grade bonds (AGG) declining -0.50% and high yield bonds (JNK) sliding -0.71%.
3. Jobs Report – The latest data showed that nonfarm payrolls rose by 162,000 in August, easily beating expectations of 55,000 new jobs. June and July figures also saw an upward revision of 55,000 jobs bringing a net gain of 217,000 jobs in August. The unemployment rate remained unchanged at 4.1%
4. Trade Deficit – The U.S. trade deficit widened to $88.6 billion in July, the higher recording since the tariff-related peak of March 2025. Over the last year exports are up 9.3% while imports measured up 11.2%.
5. Cybersecurity Reminder – Scammers are increasingly using Remote Access Tools (RATs) along with phishing emails or texts to take control of devices like phones, tablets, and computers. Once installed, these tools can give cybercriminals access to sensitive information, including your Schwab accounts. These attacks can be hard to spot, so if something doesn’t feel right- like unusual account activity or suspicious messages- trust your instincts. If you sense suspicious activity, please call us immediately or report any concerns to Schwab at 800-515-2157. 
6. Key Insight – [VIDEO & ARTICLE] Grief and financial decisions are a difficult combination. Give yourself time, take things one step at a time, and lean on trusted family members and professionals to help manage the details while you focus on yourself and your family.

Insights for Investors

By Daryl Geffken

What to Do When You Lose a Loved One: A Financial and Family Roadmap

Losing a spouse, parent, or other loved one is one of life’s most difficult experiences. In the days and weeks that follow, you’re often asked to make important financial and legal decisions while you’re still grieving. 

As a financial advisor, one of the most meaningful roles I have is helping families navigate those first few months after a loss. My advice is always the same: don’t feel like you have to do everything at once. 

Take a deep breath, lean on trusted family members and professionals, and focus on one step at a time. 

Here are several important things to consider. 

Step One: Give Yourself Permission to Grieve 

Before talking about finances, it’s important to acknowledge something often overlooked—grief affects decision-making. Unless there is an immediate financial need, avoid making major life decisions in the first several months. This may not be the best time to sell your home, make large investments, or dramatically change your financial plan. 

Allow yourself time to adjust before making permanent decisions whenever possible. 

Step Two: Gather Important Documents 

As soon as you’re able, begin collecting important paperwork. 

This typically includes: 

• Certified copies of the death certificate 

• The Will or Trust 

• Life insurance policies 

• Retirement account information 

• Bank and investment account statements 

• Social Security information 

• Pension information 

• Real estate records 

• Vehicle titles 

• Recent tax returns 

Having these documents organized will make the next steps much easier. 

Step Three: Notify the Right Organizations 

There are several organizations that should be notified after a death, including: 

• Social Security 

• Pension administrators 

• Life insurance companies 

• Banks and brokerage firms 

• Credit card companies 

• Medicare or health insurance providers 

• The deceased’s employer, if applicable 

You may also need to update utilities, online accounts, subscriptions, and digital services. Keeping a checklist can help ensure nothing is overlooked. 

Step Four: Understand What Happens to the Estate 

Every estate is different. Some assets transfer automatically through beneficiary designations or joint ownership, while others may pass through a trust or probate process. This is why it’s important to work closely with your attorney, CPA, and financial advisor. Together, they can help determine: 

• Which assets transfer immediately 

• What paperwork is required 

• What tax issues may arise 

• How inherited retirement accounts should be handled 

• Whether trust provisions need to be implemented 

Having a coordinated team can help avoid costly mistakes. 

Step Five: Review Your Own Financial Plan 

After the immediate tasks are complete, it’s time to look ahead. For a surviving spouse or family, this often means reviewing: 

• Household income 

• Social Security survivor benefits 

• Pension elections 

• Required Minimum Distributions, if applicable 

• Investment strategy 

• Insurance coverage 

• Estate planning documents 

• Beneficiary designations 

• Cash flow needs 

A significant life event like losing a loved one often changes financial priorities, and your plan should reflect those changes. 

One of the greatest gifts you can give your family is organization. If you’re reading this today and haven’t experienced a recent loss, consider taking time now to organize your important documents, discuss your wishes with loved ones, and ensure your estate plan is up to date. Preparation won’t lessen the grief when the time comes, but it can greatly reduce the uncertainty and stress for the people you love most. 

And if you’ve recently lost someone, remember this: you don’t have to navigate the process alone. Lean on your family, your attorney, your accountant, and your financial advisor. Let them help carry some of the burden so you can focus on what matters most: honoring your loved one’s life and taking care of yourself and your family. 

As always, thank you for reading. I hope these thoughts provide a measure of clarity and comfort during what is often one of life’s most challenging seasons. 

Daryl and the team at TEN Capital 

Data, Just the Data

• U.S. Jobless Claims – initial claims rose by 2,000 last week to 206,000, roughly in line with expectations of 205,000. Continuing claims also moved higher by 8,000 to 1,779,000.
• Eurozone Retail Sales – fell 0.6% month-over-month in July and worse than expectations of a 0.3% decline. This marked the first decline in trade since April and the steepest monthly decline since May 2025.
• U.S. ISM Manufacturing Index – fell to 54.6 in August from July’s near 3-year high of 55.6. This marked the 8th consecutive month of expansion for the manufacturing sector.
• U.K. Manufacturing PMI – fell to 51.7 in August for the lowest reading in 5 months, but still in expansionary territory.