Over the course of a marriage, spouses often claim specific roles for themselves. One spouse might be the one who mows the lawn and makes sure the holiday cards go out on time, while the other takes care of cooking and car repairs. This is also generally true for financial planning and management. For members of the 'Greatest Generation' this often meant that the husband knew all of the details of the family's financial accounts and investments while the wife may not have been as actively involved.

This traditional division of labor can sometimes run into a demographic reality in which women often outlive their husbands. This can leave a widow in a situation where she is confronted with moving forward on her own without an ample understanding of their finances. When preparing an estate plan it is a good idea to ensure that both spouses have sufficient knowledge of the family's finances, or at least know how to access trustworthy assistance.

When reviewing accounts as part of the estate planning process both spouses can learn where all of their assets reside. There may be a wide variety of retirement and investment accounts that are not accessed regularly. Some of these may even predate the marriage, in which case it is often a good idea to review your beneficiary designations.

Knowing who to trust can be just as important as knowing where the assets are. One of the spouses may have a close relationship with a person or firm whom they trust to provide expertise in the management of their finances. It is important that the surviving spouse know where to turn for help if there questions. Unfortunately there are many less scrupulous individuals who are ready to prey upon a surviving spouse in the guise of providing financial planning advice.

Source: "What Your Spouse Should Know About Your Investments" Adam Bold, Aug. 30, 2011