Widowed or Newly Single? A New Year Financial Checklist | Money Monday

Related Episodes

Episode 23: The Complexities of Being an Executor — What executors need to know when important roles shift.
Episode 34: Choosing the Right Executor — More on executor decisions and planning.
Episode 33: What Happens If You Die Without a Will in Ontario? — Why wills matter in estate planning.
Episode 31: Power of Attorney: What Most People Forget — A direct tie-in to updating legal delegations.
Episode 26: RRIF Rules You Should Know — Key RRIF income planning insights for household changes.
Episode 27: Does Your Investment Strategy Match Your Life Stage? — Aligning investments with where you are today.
Episode 30: Talking Money with Your Adult Kids — Guidance on communication and sharing documents.
Episode 32: Should You Name Your Children as Joint Owners? — Ownership structuring guidance.
Episode 38: Is Your Insurance Working as Hard as You Are? — A review of insurance’s role after major life changes.

Darren Devine, CFP®, CLU®

Financial Planner, Sun Life
President of Devine and Associates Financial Services Inc.

If you’ve lost a spouse or partner—whether it was this year or many years ago—January can be a powerful time to gently bring your finances in line with your new reality.

Hello, and welcome to Money Monday, where we help simplify your financial journey.
I'm Darren Devine, Financial Planner with Sun Life and President of Devine & Associates. I’ve been helping families across Ontario navigate major life changes and retirement for over 20 years.

If you’re widowed or newly single, it’s completely normal to feel overwhelmed.

You might still be grieving, and the last thing you want is a big ‘financial project.’ So think of this as a gentle checklist—not something to finish in a weekend, but a few important steps to tackle over time.

Here are a few places to start:

Confirm your beneficiaries.
Take a look at your RRSPs, RRIFs, TFSAs, and life insurance. Make sure the names listed reflect your wishes today, not what life looked like years ago.
Review your income sources as a household of one.
Your income picture has likely changed—CPP, survivor benefits, pensions, investments, maybe part-time work. It’s important to understand what’s coming in now, and whether it comfortably covers your monthly needs.
Revisit your Will and Powers of Attorney.
If your spouse or partner was named as your executor or attorney, you may need to update those documents so the right people are in place to help you if something happens.
Make sure someone you trust knows where things are.
That might be a family member, a close friend, or a professional. They don’t need to know every detail, but they should know where to find key documents and who your main advisors are.

You don’t have to do all of this at once.
Start with one or two items, give yourself grace, and ask for support. A good financial planner can sit with you, at your pace, and help turn uncertainty into a clear, manageable plan.

Thanks for tuning into Money Monday. Don’t forget to like and comment for more episodes filled with tips to help make your financial journey a breeze. Until next time, I'm Darren Devine, and you can always talk to us today at DevineAndAssociates.ca!

Talk to us today

Darren Devine