Losing your spouse is one of life’s most stressful events.
When a spouse or loved one passes away, you may experience a range of emotions. It is not uncommon to feel emotionally overwhelmed as you begin working through financial matters. While no two people experience grief the same way, everyone needs to experience grief before healing can start.
During this time, you need help from an advisor you can trust, who is sensitive to your needs, and who can guide you through this journey at a pace that works for you. At Retirement Solutions, we understand what must be done immediately, and what should be postponed. As qualified CERTIFIED FINANCIAL PLANNER™ (CFP®) professionals, we will guide you through this difficult time in your life.
Prioritize and compartmentalize.
From the initial shock of preparing funeral arrangements to the never-ending checklist that follows, it seems there is always something for a new widow/widower to take care of.
We help people through this life transition regularly. We can provide insights and guides to help you through this difficult time. You do not have to do this alone.
We relate to what you are going through.
We’ve all experienced some sort of loss within our lifetime. Experiencing a close relative, best friend, or business partner passing away can leave you feeling tragic grief. Our team is here to help support you through this time, providing you with a clear plan for your financial future.
Part One: Immediate Needs
When your spouse or a family member dies, you’ll need to handle and/or delegate numerous financial and legal matters. Even if you’ve always handled your family’s finances, you may be overwhelmed by the number of matters you have to settle in the weeks and months following your loved one’s death. While you can put off some of these tasks, others require immediate attention.
After planning the funeral, you’ll need to get organized, determine what procedures to follow to settle the estate and claim survivor’s and death benefits, and find competent advice to help you through this difficult time.
We have created a guide for the newly widowed, or individuals who have lost a loved one.
Part Two: Taking Care of Business
Losing a spouse or loved one is a stressful and often overwhelming transition. Often family members are still mourning when the letters and notices from creditors and hospitals start pouring in. Families are often left with the question of what to do with the decedent’s assets and personal property.
When you are prepared to make significant financial decisions, the guidance of a qualified CERTIFIED FINANCIAL PLANNER™ (CFP®) professional is of utmost importance. Since many, if not all, decisions made at this time are irrevocable, meaning they cannot be changed, it is essential to make good financial decisions. We are here to guide you through the process, and help you understand your options so you can make the best decisions for yourself and your
family.
Part Three: Your Next Stage of Life
Most experts advise against making any irreversible financial decisions for several months, until you have had a chance to adjust to your new status. For example, some people rush to pay off their mortgage, only to discover later that the house is too large or they can’t afford the taxes and upkeep. Others feel pressured to move closer to family members, only to discover they miss their former life. For discretionary financial decisions, go at your own pace, not someone else’s.
As you move into the next stage, you may find your needs change over time. As you work with a qualified CERTIFIED FINANCIAL PLANNER™ (CFP®) professional, be sure they are responsive and help you understand all your options as you design your next stage together.
This is a time to create new and exciting goals for your life and family, as well as honor and solidify a legacy for your loved one. A qualified CFP® professional who understands your journey can guide you along the way so you can feel financially secure.
Resources for those who have lost a loved one
Whether a spouse, partner, parent or child, there are resources to support the many decisions and tasks that are asked of you during your most difficult times.