ARTICLE : How to Manage Finances after the Death of a Spouse
Don’t wait until your spouse dies to learn the state of your finances. You must have a plan with effective financial strategies in order to survive without your spouse. No one likes to talk about death especially when it is regarding the loss of a spouse however it is advisable to have a financial plan before losing your spouse. It is vital for both partners to know and understand their finances, have a plan in order to care for the financial needs and security after the death of your spouse.
Ways to Manage Financial Issues:
- First, you must get legal advice to help you with the legalities after your spouse dies. You may want to meet with a tax attorney and/or an estate planner to help in developing your long term financial plans. The decisions one chooses depends on how you want your finances to be both before and after your death.
- You must prepare the necessary documents well in advance. You should have a last will and testament which should include the name of an executor, information relating to one’s burial, payments of any debts and any charitable donations. Distribution of assets will all depend on what is in the last will and testament.
- It is recommended to invest in at least one life insurance policy. Both partners should have one and make sure the premiums get paid. The policy should take care of the expenses when the death of either spouse occurs. In order to ensure that the spouse receives enough money, some couples choose to have more than one life insurance policy.
- Keep all important documents such as your will and all insurance policies in a safe place such as a safety deposit box at your bank. Give your spouse and your attorney copies of all important documents or you can give one copy to your attorney and he or she will distribute the copies to anyone you choose.
- Do not indulge yourself in business matters as soon as your spouse has passed away. Take few days to overcome the shock of the death of your spouse. Once you feel you are ready to handle the business aspects, contact your attorney and your insurance providers.
- You can always ask for help from family members or a trusted family friend if you are having trouble understanding what needs to be done and to support you in this time of need.
