Coping Financially After the Loss of a Spouse
Losing someone you love is a very difficult thing to go through. The emotional aspect of the loss is tremendous. However, the financial impact is also one that you need to consider. If you have lost a spouse, then you have essentially gone from having two incomes to one. Because of this, it can be a substantial financial blow. Use these tips to help you navigate your financial life after losing a loved one.
You probably know whether your loved one created a will or not. If you don't know, contact the lawyer that they may have used. If you are still stumped, then it would be a good idea to get a lawyer of your own to help you. Having access to their will will help you know all of their assets, such as a retirement account.
There are two possible places to look for life insurance. They may have had life insurance through their employer, or they may have had it from the open market. You will need to contact any life insurance companies that they had a policy with to provide them with a death certificate. From there, these companies can help you get the money from their life insurance policy.
Another thing to consider is if they had any retirement accounts. You will want to check with their employer first to see if they had one through them. This is not the only place to hold a retirement account, though. You may also want to check with their financial advisor to see if they had any other accounts. If they did, and you were named as a beneficiary, then you will be able to get that money to help you with your living expenses.
No matter what mix of accounts your loved one had to help you financially after his or her passing, contact a financial planner to help you navigate the days, months, and years ahead. A financial planner can provide advice for managing the money in a way that will benefit you for the present, as well as in the future.
This is is a very tough situation for anyone to deal with, but having the right people on your side will help you plan for your financial future.
This content is developed from sources believed to be providing accurate information, and provided by Twenty Over Ten. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security.