Finances After a Loss
Dealing with the loss of a loved one is an especially difficult, emotional time. While navigating many personal issues, you must also navigate your new financial circumstances. Here are several tips for newly single individuals.
Don’t Make Rash Decisions
Your head is very clouded when experiencing a loss. Now is not the time to make any major financial decisions, like selling your home. Try to avoid making decisions you may regret down the road. If you feel compelled to do something major, wait several months to consider the implications before acting.
Reach Out to Several People
Several people need to be made aware of the passing. One is your late partner’s employer if they were still working at the time of their passing. This can help you determine if/what benefits you are eligible to receive and who administers the company retirement plan. Get in contact with your estate attorney if you have one. Financial advisors are a great asset to utilize during a loss. Financial advisors will coordinate with estate attorneys to help handle your situation while you focus on other things.
Find Important Documents
There are several documents that you will need to track down. While this may be a tedious task depending on how they organized their documents, it is important to ensure all bills are paid and accounts aren’t overlooked. It is recommended to sort through your late partner’s mail for three months after their passing to ensure nothing was missed. Several of these important documents include bank and investment accounts, mortgage and other loan statements, insurance policies, tax returns, and bills. You will also need to locate your original will and trust if you have one. Since many companies will require it, make multiple copies of your late spouse’s death certificate. It is recommended to make around 20 copies. Be sure to store the original in a secure location.
Experiencing the loss of a spouse is emotionally devastating. Taking time to let your emotions settle before making any major decisions can help you in the long run. While the process may be difficult, you do not have to do it alone. Reach out to friends, family, and professionals to help you during this time. If you have recently experienced the loss of a spouse and need help navigating your finances, reach out to us at (229) 245-6022.
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.