The death of a spouse is almost universally acknowledged as the most traumatic of life’s experiences. The grief involved can be crushing, the feeling of loss agonizing, and the accompanying fear paralyzing.
It’s difficult to think about, but statistically almost certain, that one spouse in every marriage will have to live through this awful experience. That's why it’s very important that every couple discuss and plan what will happen after one spouse dies.
There are times when it's OK to take your time calling in professional advice—for example, a young couple can start saving for a house anytime, and seek investment advice later. However, because of the unique pressures and challenges brought by the death of a spouse, we feel that finding a well-qualified financial planner is among of the first steps to be taken.
A good financial planner will have a network of trustworthy and competent attorneys, CPAs, and insurance professionals to recommend, which makes him or her an ideal “point person” in your financial, legal, tax, and insurance planning.
A great financial planner will also be:
- Experienced in dealing with survivors’ issues
- Patient and reassuring
- A good, active listener
- Ready to provide solid references and demonstrate an upstanding reputation
- Willing to allow your family members to attend discussions
- Able to speak to you in plain terms, without professional jargon
At Financial Sources, we pride ourselves on being all of these things.
We'll help you to quickly assess your income and expenses and try to ensure that cash flow is one of the things you won't have to worry about. We'll help you sort out the multitude of conflicting opinions regarding your finances that you're surely getting from well-meaning friends and family. We'll help you arrange your affairs, to allow you to defer all but the most urgent decisions.
After the initial flurry of activity settles down, we'll help you to assess your overall financial situation by collecting and organizing all available financial documents. We'll discuss whether it's time to adjust your investment mix to match your risk tolerance rather than your spouse's. As appropriate, we'll help you sort through issues relating to Social Security, employment, retirement, veterans' benefits, insurance, and (perhaps most important) your estate.
At some point, you will see some light at the end of the tunnel. Then it’ll be time to really start planning—not only for the rest of your own life but for making this process easier for your own survivors.
Contact us today to get started.