Coping with the sudden loss of a loved one is emotionally devastating, but having to sort through complicated financial matters during this time can make the heartache even worse. To help people manage, Phil Foster, a trust officer with Fifth Third Bank, offers the following advice:

1. Simplify. In many relationships, both spouses maintain joint accounts or have parallel accounts, each in their own name. These typically include credit cards, retirement accounts, CDs, and savings and checking accounts. The bank can help consolidate accounts, in accordance with the instructions of the probate court, by transferring assets from the deceased's accounts to the survivor's or by changing the name on existing accounts.

2. Avoid making major financial commitments. People who are newly widowed should be extra cautious if they are approached to sell their home, invest in "hot" business opportunities or take out loans. "All too often, predators seek out people who are newly widowed, knowing they can be vulnerable. My advice is so go slow and be careful, especially when people are pursuing you," Foster says.

3. Seek help from professionals. After a death, friends and family often offer to help a newly widowed person sort through financial matters. "This can be a wonderful gesture, but eventually it can strain relationships when expectations aren't met or when advice isn't followed. Parents are sometimes an exception to this rule, but it really depends on the extent of their knowledge and the personal situation," Foster adds.

Instead, he advises people to contact their attorney, accountant or banker for guidance or ask for help from a financial professional. "Financial matters are business matters, and professionals are the best guarantee of unbiased advice," he says.

Many law firms offer a range of services to help settle an estate or transition a business. Also, banks can assist in estate administration and asset and debt consolidation. "If people are looking for these services, I recommend they interview at least two professionals to see if there is enough trust and empathy. Discuss the range of services and cost up front, and ask for a written agreement," he says.

4. Develop a budget. With any major life change, it is important to create a new budget by adding up all forms of income and weighing that sum with expenses. "It is important to plan for the future. Determine if it will be necessary to scale back or if money will be available to pay off debt, finance a trip, do home improvements or fund a grandchild's college education," Foster says. "Determining a grand total, or net worth, may also be reassuring."

5. Take advantage of bank services. The trust department at Fifth Third offers several fee-based services that can ease the burden of being responsible for settling an estate. The bank acts as an agent for the surviving spouse, taking care of many administrative details, such as transferring assets from the deceased's accounts, handling tax matters and paying income taxes, real estate taxes or even monthly bills.

"These services can provide great relief for people who are newly widowed, especially during the first few months following a loved one's death," Foster adds.

For more information on financial concerns when losing a spouse, contact Fifth Third at (866) 475-4201 or visit the Fifth Third Website.