For the Recently Widowed
Submitted by Financial Advisors in Tampa and St. Petersburg, FL | CFO on January 22nd, 2018
First, I would like to offer my condolences. Losing a life partner is painful and disorienting. A big part of your life is now gone, and you must continue without your helpmate. What do you do now?
Please realize that everything does not need to be buttoned-down right away. However, in the first month, you will want to take care of the recurring monthly bills and lock–in your income sources. Then take time to grieve. When you rush into decisions, particularly financial decisions, while you are still reeling from the loss of your loved one, you may later regret some of those choices. Moving too quickly could even cost you thousands in taxes.
Except for your monthly up-keep, both money in and money out, you can defer most financial decisions for a month or two. If you can, you should have a trusted friend, family member or advisor, who can act as a “second set of ears”, accompany you at important meetings. They can take notes at these meetings which will help to later assess the information that was given and aid you in your decision-making process.
Making major life or financial decisions in the first year following your spouse’s death should be approached with caution. You will be particularly vulnerable in that first year; proceed with caution until you feel emotionally strong enough to handle these decisions.
For a more comprehensive review of what to do when your loved one dies, you may want to get a copy of my book Preparing to “Go It Alone”; Things to Know and Do Before and After Your Spouse Dies available at Amazon.com.
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