What are the main financial planning points to consider after the death of a spouse?
The death of a spouse is not only one of life’s greatest emotional challenges, it also creates major financial changes and upheaval when it’s least needed.
For many, addressing your finances after the death of a spouse may seem unimportant but working with a trusted advisor can help mitigate the financial consequences and help people get back on their feet.
Marcus Ainger, a Private Client Adviser from Prime has seen first hand the peace of mind that can be achieved through the receipt of quality advice, from qualified financial planners whom truly care about their clients and their family’s needs.
“Surviving spouses often struggle to deal with the short and longer term financial challenges which can directly impact retirement plans and their ability to meet financial obligations.”
“Although people may still be grieving, you need to take care of yourself, and that includes your finances. Developing a financial plan after your partner is deceased allows people to feel in control and they can start planning ahead,” Marcus said.
Marcus said the main financial points to consider after the death of a spouse include:
• Changing names for bank accounts, insurance policies, property titles
• Managing bequeathed debts and assets
• Adjusting to new household budgeting regimes
• Funeral costs
• Superannuation death benefits
• Estate planning and revising your Will
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Marcus said contacting a financial advisor is especially recommended if the estate is complex or there are significant assets to be distributed to heirs.
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“If you are the beneficiary, an advisor will help you get an understanding of your sources of household income, and monthly living expenses and help to determine the appropriate mix of growth versus income investments.
“Through an understanding of how your financial situation has changed, your advisor can help to revise your own estate plan, retirement accounts, and insurance policies if the deceased was a named beneficiary.
“Working with your financial advisor, you can implement a new budgeting and investment plan tailored to meet your long-term financial goals and fulfil life aspirations,” Marcus said.
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