Death

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Organizing Your Finances after Your Spouse has Died

November 22, 2016 // 4 Comments

Your life does not end with your spouse’s death. You have to keep in mind that you have responsibilities that you cannot leave hanging, especially the financial ones. It is




It’s part of being a financially prudent woman that you look ahead, anticipate worst-case scenarios and assemble a plan to protect your money. Women can also prepare themselves emotionally for the death of a loved one. The New Savvy presents valuable advice on estate planning, organising a family member’s financial affairs, preparing for incapacity and directive care. We are there with support for the emotional side as well, with experience on dealing with grief, terminal illnesses, speaking with bereaved friends and even writing a eulogy.

Three key terms to remember when starting to plan for a loved one’s death – or even your own – are death support, inheritance and estate planning.

In the immediate aftermath of a death, there will be a lot to take care of. The task of organising funeral and memorial arrangements for a loved one often falls to women. Relevant government agencies, financial institutions, the tax office and all the deceased’s friends must be notified.

If you are an executor of the deceased’s estate, you will be confronted with quite a few legal matters. You will need to speak individually with the grieving beneficiaries. These tasks will sap your time and energy, but they will also keep your most intense feelings of grief and loss at arm’s length.

The New Savvy has compiled a series of articles that clearly and concisely outline post-death procedures and suggestions. There are lots of how-to tips on everything from procuring a death certificate to paying for a funeral package. Take to heart our advice for consulting with a grief counsellor and leaning on friends for support during a difficult time.

Prepare yourself now to make life as smooth as possible for those left behind. Most women know about wills if they don’t already have one, but do they know about the legal and taxation issues involved with an inheritance? Engaging a trusted financial planner in discussions of “what-if” scenarios is a fruitful exercise, especially if the untimely demise of a young parent might leave their children destitute. If applicable, investment portfolios can be shaped appropriately early on to assure that beneficiaries receive their due without any unpleasant taxation surprises lurking around the corner.

Chances are that some women don’t know how to create a legally binding will for themselves. The New Savvy can help launch you in the right direction with content that unmasks the legal jargon you need to know. If you are on the receiving end as a beneficiary of a will or life insurance, this guide will accompany you through the thought process of managing a large sum of money to best serve your interests following the death of a loved one.

With the help of The New Savvy, you too can prepare to withstand the trauma of a death as well as possible. With the right foresight in financial estate planning, emotional support and advice on legal issues, any woman can and should be prepared to deal with this monumental milestone.