Organizing Your Finances: Before and After a Personal LossAugust 23, 2012
Life’s uncertainties can present us with personal hardships that affect us not only emotionally, but financially as well.
The death of a spouse or life partner is one of the toughest events you can go through. Along with the emotional adjustment of continuing on without your best friend, there is additional stress involved in facing the relevant financial issues while you are still grieving. Even if you are the primary person who handles the family finances, this loss can leave you overwhelmed with financial affairs; it’s not unusual for the surviving partner to experience depression as well. Because of this, it is easy to forget the details you need to attend to for your financial security.
There is a wide a variety of tasks you’ll have to address when your partner passes away. The following lists provide you with a framework so you can keep your finances organized before and after this difficult time arrives.
Preparing now to minimize stress later
During and after the loss
Addressing personal financial affairs
It is important to avoid making major personal financial changes for at least six months after a partner’s death or until you feel that you can make sound financial decisions. Take time to consider advice from your family, friends, and professional advisors. It’s important to have a trusted advisor look over any financial decision you are considering and to ask as many questions as necessary during this stressful time.
Stacy Long is a CERTIFIED FINANCIAL PLANNERTM Practitioner practicing at NTrust Wealth Management, 780 Lynnhaven Parkway, Suite 190, Virginia Beach, VA 23452. She offers securities and financial planning as a registered representative of Commonwealth Financial Network®, a member firm of FINRA/SIPC, a Registered Investment Adviser. She can be reached at 757 301 8520 or at Stacy@ntrustwm.com.
© 2012 Commonwealth Financial Network®