“The most important thing in communication is to hear what isn’t being said.” – Peter Drucker, American (Austrian born) management writer, 1909-2005.

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How’s this for a pleasant thought — “Everyone’s marriage ends, whether by divorce or death.” I read this recently and although I don’t like the bluntness, there’s no denying the truth of the statement. Reality can be like that sometimes.

In the U.S., projections estimate that seven out of every 10 baby boomer wives will outlive their husbands. Avoiding this reality can make things much worse, almost as devastating as the event itself. Planning for the inevitable is a wise, mature and prudent undertaking not only for yourself, but for those closest to you.

The financial impact of losing a spouse is often considerable, complex and something most survivors are ill-equipped to deal with. On average, financial recovery takes up to five years and you’ll face many major decisions.

Following the traditional final arrangements, your first step is to identify and document all of your assets and liabilities. Include tangible assets as well as investments, and outstanding debt.

This is also the time — if you haven’t already — to assume responsibility for all household bills and gather important financial papers; wills deeds, insurance policies, bank and investment statements, and retirement account information.

Request copies of the death certificate to notify appropriate parties and assess the Social Security and death benefits you’re entitled to. Send copies to all of your creditors, insurers, and other financial agencies, as well as the Social Security Administration.

Transfer accounts to your name and collect any money owed to you. A spouse’s death invalidates a will in most states, so you may need to update yours and rename your beneficiaries. It may also be necessary to rename the beneficiaries on any insurance policies or retirement accounts you hold. Inadvertently ex-spouses have remained as the beneficiaries on retirement accounts and insurance policies.

No major financial decisions. When possible, put things like selling assets or paying off debts on hold until you are better equipped to handle them. It may even be in your best interest to appoint a trusted friend or impartial family member to make decisions on your behalf.

Now that you’ve established what you have, it’s time to look at what you’ll need. How long will your new income sustain you? Are some small lifestyle adjustments enough to accommodate your new financial picture, or will you need to find new sources of income?

Because the death of a spouse may mean a drastic reduction in your household income you’ll need to carefully consider what you spend. Make a list of your monthly expenses, and use it to determine what you can go without. Budgeting for only the basics can help to cushion the blow and make your money go further.

According to the Women’s Institute for a Secure Retirement, expenses may still be as much as 80 percent of what they were before a husband’s death. So, in many cases simply cutting back may not be enough. You may be forced to “downsize” on a much larger scale.

Before making any major financial decisions, like selling your home or other big-ticket assets, carefully consider all of your options. Seek the advice and expertise of professionals and try to remain open to significant lifestyle changes — at least in the short term.

Insurance and pension or retirement disbursements often begin after the first year following death. These payments are typically large lump sums and may be daunting to manage. Again, your best options are to wait before making any major decisions and seek the counsel of professionals who can help you determine the best use of the funds.

Advance planning is a step that most people avoid. It invites painful thoughts and forces you to ask uncomfortable questions. But it is the single most significant factor in your financial recovery after the loss of a spouse. Now is the time to start talking about it.

While it may not be pleasant, having a plan can make an incredibly difficult situation a little more bearable. If you’d like to learn more about how to protect yourself for the future, or if you need guidance now, please don’t hesitate to contact me.

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This article is provided by Darcie Guerin, Financial Advisor & Branch Manager, Raymond James & Associates, Inc. located at 606 Bald Eagle Drive, Suite 401, Marco Island, and Fla. 34145. If you have questions please contact Darcie Guerin via Email at Darcie.Guerin@RaymondJames.com. Phone (239)389-1041, toll free (866)-343-0882 or at www.RaymondJames.com/Darcie.