Losing a spouse is one of life’s most difficult transitions. It’s emotional, disorienting, and often overwhelming. And while there’s no roadmap for grief, there is a way to move forward with financial clarity and confidence. This is where financial planning after losing a spouse becomes essential.

When a spouse passes, there are immediate financial tasks like settling the estate and claiming life insurance that often take priority. These steps are important, but they’re just the beginning. Once the dust settles, many widows find themselves asking, “Now what?” This guide offers financial planning tips for widowed individuals to help navigate that next phase of making thoughtful decisions that support your financial well-being and your life moving forward.

1. Take time before making big decisions

Grief clouds judgment. In the early months, you may feel pressure to “do something” with the house, the investments, or your lifestyle. But rushing into major decisions like selling your home or changing your investment strategy can lead to regret.

Give yourself permission to wait. The best financial decisions are made when your heart has had time to heal, and your mind is clear. A good advisor offering financial advice for widows will help you prioritize what needs attention now and what can wait.

2. Re-evaluate your income

When a spouse passes, household income often drops significantly. Employment income disappears. Pension income may be reduced - survivor benefits typically range from 50% to 80% of the original pension amount. CPP offers only a top-up. And OAS? That usually goes away entirely.

This shift can be jarring. You may find yourself asking:

• Can I still afford my current lifestyle?
• Do I need to adjust my spending?
• Should I downsize or refinance?

Financial planning after death of a spouse can help you answer these questions with confidence. It’s not just about budgeting, it’s about aligning your resources with your values and goals.

3. Review your assets and tax implications

Now is the time to take stock of your financial landscape. That means understanding:

• Which accounts are taxable (like non-registered investments)
• Which are tax-deferred (like RRSPs or RRIFs)
• Which are tax-free (like TFSAs)

Each type of account behaves differently during your lifetime and upon your passing. Knowing how they’re taxed and how to use them strategically can make a big difference in your long-term financial health.

Also, don’t forget to update beneficiary designations. If your spouse was listed on accounts or insurance policies, those need to be revised. This is especially important for registered accounts and life insurance policies, where proper designations can avoid probate and ensure smooth transitions.

4. Re-do your legal documents

Your will and powers of attorney (POA) were likely written with your spouse in mind. Now’s the time to revisit them. Ask yourself:

• Who should make decisions on my behalf if I’m unable?
• Who should inherit my assets?
• Are there new people I want to include or exclude?

Updating your legal documents ensures your wishes are respected and your loved ones are protected. It’s a key part of financial planning for widows & survivors.

5. Consider what’s next for your lifestyle

Widowhood changes your finances, but it also changes your daily life. You may find yourself asking:

• How will I stay busy and fulfilled?
• Do I need help with household tasks my spouse used to manage?
• Do I want to stay in a large home that requires upkeep, or would I prefer something smaller like a condo, apartment, or retirement community?

These are deeply personal questions. There’s no right or wrong answer. A financial plan can help you weigh the costs and benefits of different lifestyle choices so you can move forward with confidence.

You deserve a plan that reflects your life

Widowhood is one of life’s biggest transitions. Your financial plan should reflect that. It should be:

• Personalized to your new circumstances
• Tax-efficient to preserve your wealth
• Low-risk and globally diversified to protect your future
• Transparent so you always understand fees and strategies

And most importantly, it should be built with empathy. You deserve a guide who listens, asks the right questions, and simplifies money so you can focus on healing and living. Whether you're seeking financial planning for widows & survivors or simply need financial advice for widows, know that you're not alone.