The possible death of a loved one is hard to imagine and even harder to plan for. However, an established estate plan can help you to be prepared for the financial impact of such an event.
Losing your partner changes your life, and money matters may seem unimportant at the time. Taking practical steps can help you get through this period and better prepare you for the future.
Assess your immediate financial needs and make sure the basics are covered while your spouse’s estate is being settled.
Consider your spouse’s wishes concerning their estate and be ready to communicate those wishes.
Gather your spouse’s important legal and financial information.
When your partner dies, you may be suddenly forced to take care of money matters, and take on sole responsibility for your household’s finances, including bills and insurance. Using a budget can help you manage your new income and adjust your spending.
Don’t be afraid to seek emotional support from a professional if you need it. A FinMarie Elite financial advisor can help you handle complex financial matters and realign your financial plan during this difficult time in your life.