Four Financial Tips After the Loss of a Spouse Script: (0013)
Losing a spouse is hard. Whether expected or not, it can be a challenging experience to navigate. You've made thousands of critical decisions in your life, but now things seem cloudy, and you are searching for clarity regarding the next steps.
Here are four practical steps to take to provide a clear direction to move forward.
Take time to pause and mourn. Your first reaction may be that you feel you need to do something. Possibly the best thing you can do is pause and process the emotions you are feeling.
Give yourself a timeline. Although no one can put a timeline on your grief, you should not wait indefinitely before addressing your current and future financial decisions. A quick review with a trusted advisor can establish a timeline and help determine priorities. Make a list, divide and conquer.
Don't sign anything right away. Take time to review your portfolio and evaluate potential changes needed. Typically, you will have multiple decisions to make, so wait to sign until you understand all the options.
Take care of the little things. After the dust settles, don't forget about the little things. For example, make sure your beneficiaries and account names are changed to reflect this next chapter of your life. Check your will, powers of attorney, and insurance documents to ensure the right people are listed.
Losing a spouse is never easy. However, these four tips can provide a simple roadmap as you transition to the next phase of your journey.