Survivor planning is never an easy topic. And don't think you are too young to start. It is just as critical for young growing families to be prepared.

In addition to the income aspects, you also want to ensure other financial-related information doesn't die with the deceased. For instance: How are bills paid? By checks, credit cards, or automatic bill pay? What about online usernames and passwords? Here are some checklist items to consider:

• Identify how much income is required to maintain a lifestyle for your survivors and for how long.
• Identify the permanent income sources remaining upon your death and the amounts.
  • Social Security survivor or retirement benefit
  • military or civilian survivor benefit programs on retired pay
  • insurance annuities
  • possible VA Dependency and Indemnity Compensation
  • spouse's own income sources
• Identify all your various savings and investment accounts.
  • Provide your spouse a list with firms, advisors, account numbers, types of account, usernames/passwords.
  • Simplify numerous accounts through consolidation, if possible - reduce the span of control.
• Add all the amounts for your total assets.
  • Who is the one person your survivor can turn to help manage these assets? Chances are, your survivor will have different objectives, which require financial realignment.
  • Determine how much of your assets will be needed to generate income.
  • Factor in life insurance proceeds.
• Fill in the asset shortfall with other strategies: life insurance, downsizing, going back to work, family help, etc.

Final thought: Your survivor will be single for future tax purposes, meaning single tax rates, smaller standard deduction, fewer itemized deductions, higher Medicare Part B premiums, and greater tax rate on Social Security so take that into consideration as well.