Three Financial Steps for Widows

How a widow(er) recovers from the death of their spouse is often dependent on several factors, including the health of the relationship, whether the death was unexpected or lingering, the age of the widow(er), the age of any dependent children, and financial circumstances.

Generally, it is important to avoid making large or important decisions during the first few months.

There are three key pieces of advice you should take to heart during this time:

 

  • As soon as you are able, figure out your financial situation. Find all the key documents you need, organize bills, locate passwords to accounts, and keep a log so you can track all of the things you need, and check off as you find them.
  • Coordinate with your professionals. Set up meetings or phone calls with your lawyer, financial advisor, tax professional, etc. to go over your situation. If you don’t have these professionals in your life, ask family or friends for recommendations.
  • Coordinate other resources. Set up meetings or phone calls with your bank, life insurance agent, the HR department at your spouse’s job, Social Security, utility companies, etc. to determine what benefits you might be entitled to as well as changing names on accounts.

We know many of these tasks may feel overwhelming, seeking professional advice and assistance can help answer questions and alleviate concerns during this difficult time. Please let the team at Hunt Country Wealth Management know if we may be of assistance. 

 

Have questions about retirement, investing, or financial planning?

 

Hunt Country Wealth Management can help.
Click below to explore our services, or schedule a 15-Minute Discovery Call™ to talk with an advisor.

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