One of the most difficult transitions we will all have to make is when a loved one passes away. We often are not prepared for the emotional toll it takes on us when we lose a loved one. If we’re not properly prepared, we might also make devastating financial decisions while we are in the middle of mourning our loss.
When we work with Clients on death transition issues, we first focus on the psychological element of the process and quickly follow up by helping you integrate your new financial reality.
In many cases, after the death of a loved one, there are significant changes in the financial profile for those who are still alive. Many times, there will be a life insurance settlement that accompanies the death of your partner. In addition we often see investment accounts that belonged to your loved one will transfer to you.
Sometimes, negative financial changes occur when a loved one passes on. A pension you shared can disappear, social security income decreases, or your might have to deal with your loved one’s debts that become due upon death. If you are faced with this situation, there are specific activities you might want to consider.
Some activities that are appropriate for survivors to think about are:
- Understanding your financial situation after a loved one passes on.
- Pre-planning when you find out a loved one has been given a terminal diagnosis.
- Determining what your life will be like after your loved one passes on.
- Handling assets and money after your loved one passes on and you’re in mourning.
- Understanding your cash needs and its source(s) in order for you to continue to live comfortably.
- Understanding your options and working on them with other professionals.
When a loved one passes on, it’s difficult to imagine how anyone can make your life better. During the mourning process, we know our main job is to listen. At the same time, we know that if we can help you focus on a few important factors, your life will be much better when your mourning period ends.