Grieving and Moving on Financially

One of the most bittersweet components of my day is helping clients that have recently lost a spouse or partner. When someone loses their spouse, they require support from various sources to help them cope with the emotional, practical, and logistical challenges they may face. Providing support and assistance to someone who is grieving can have a profound impact on their well-being. Your presence, empathy, and practical help can make a significant difference in their ability to cope with the loss and navigate through the challenging period of mourning. We often wonder how we can help, here is what I have learned are ways you can make a difference. Here is how you can help them financially. I would encourage you to help them find someone that can help them manage this list of items to do.

• Identify immediate financial needs: This may include accessing life insurance benefits, understanding survivor benefits from pensions or Social Security, and evaluating other sources of income.

• Budgeting and cash flow management: Adjusting to a new financial reality can be overwhelming. An understanding of expenses, cash flow, helps in making informed decisions. Stepping in to organize the bills and set up a paying system is a plus.

• Estate settlement and probate: If there are legal processes involved in settling the estate or going through probate, a financial planner can guide you through the necessary steps. They can work with you and your attorney to ensure that all financial matters are appropriately addressed, such as transferring assets, dealing with debts, and handling tax implications.

• Investment and retirement planning: If you and your spouse had investments or retirement accounts, a financial planner can help you evaluate and manage these assets. They can review your investment strategy, assess risk tolerance, and make any necessary adjustments to align your financial goals with your new circumstances.

• Insurance review: A financial planner can review your insurance coverage, including life insurance, health insurance, and long-term care insurance. They can help you determine if any changes or adjustments are needed and provide guidance on how to best utilize your insurance benefits.

• Future financial planning: A financial planner can assist you in creating a long-term financial plan. They can help you set new financial goals, plan for retirement, and consider estate planning options. They will take into account your changed circumstances and help you make informed decisions for your future financial well-being.

• Emotional support and guidance: Dealing with financial matters after the loss of a spouse can be emotionally challenging. A compassionate financial planner can provide support, listen to your concerns, and offer guidance to help you navigate the financial aspects of your situation while considering your emotional needs.

It’s important to find a financial planner who has experience in working with individuals who have experienced a loss. They should be knowledgeable, empathetic, and willing to work collaboratively with you to address your unique financial circumstances.