Women: Moving Forward Financially after the Loss of a Spouse
Where do I start?
The loss of a spouse can be a devastating, life-changing event. Due to longer life expectancies, women are more likely to face this situation. Before you start handling the financial end of things, though, make sure to consider your own needs.
There are several financial tasks that must be done in the weeks and months after a spouse's death. An attorney can help you review your spouse's will and other estate planning documents and start estate settlement procedures. You may have immediate expenses to take care of, such as funeral costs or outstanding debts your spouse may have incurred.
- Suggesting ways to invest any life insurance proceeds or estate settlement money you receive
- Calculating your net worth by identifying your assets and liabilities, giving you an understanding of how you'll meet your short- and long-term spending needs.
These are hard steps and you will need help to get through them. A financial professional will be there every step of the way. Always do what is best for you and what you feel comfortable with.
Out of my office in Murfreesboro, TN, I tend to see many widowed clients. Not by choice but necessity. Women who lose their spouse need guidance during one of the most difficult times in their life. As a Certified Financial Planner I am committed to helping every step of the way. If you have found yourself in this situation or know someone who has, feel free to contact me. You should not have to make these hard decisions alone.