Life Event: Key financial planning points to consider after the death of a spouse



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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This information has been prepared by Primestock Securities Limited ABN 67 089 676 068, AFSL 239180 (“Prime”). Prime accepts no obligation to correct or update the information or opinions in it. This information does not take into account your objectives, financial situation or needs. Before acting on this information, you should consider whether it is appropriate to your situation. It is recommended that you obtain financial, legal and taxation advice before making any financial investment decision. Prime is bound by the Australian Privacy Principles for the handling of personal information.


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About the Author:

I work primarily with high net worth individuals and business owners, advising on wealth management, asset protection, superannuation and investments. I have an in-depth knowledge of superannuation as well as associated tax and estate planning issues.