Here's how you can take charge of family's finances after spouse's death

File insurance claims, repay loans, and synchronise investment portfolio with altered risk profile

Koel Verma’s (name changed) life changed dramatically in May when her 43-year-old husband, Chandran (name changed), a chartered accountant, died because of Covid-19 complications. Verma, a principal at a private school, is struggling to cope with her grief. But with a couple of loans and two young kids, she now needs to take charge of her finances.

Take stock: Those in a similar situation must first gather all the financial documents in the house (see box) and get a clear picture of assets, liabilities, insurance policies they can claim, and bank accounts that need to be transferred to their name.