The loss of a loved one is an emotional experience. Unfortunately, it can become even more difficult when managing the deceased’s estate and all the financial obligations that come with it. While finances may seem trivial during times like these, it is an important matter that should be addressed as soon as possible to better protect the deceased’s assets and, potentially, yours.
This is especially true for surviving spouses. Close to 70% of widows and around 50% of widowers reported experiencing significant financial troubles after losing their spouse, according to a survey by New York Life Insurance. Surviving spouses have to adjust to living on a reduced income and cutting discretionary expenses. In some families, only one spouse is in charge of all finances. If he or she passes away, the survivor may struggle learning how to manage the family’s money for the first time.
The alarming figures above may not sound surprising when you consider that there can be more than 100 tasks involved in managing the affairs of a lost loved one.
Also, remember that one possible professional resource is a financial adviser. A financial adviser can provide estate planning advice, locate important financial information and keep you and your family on track toward your goals.