No one ever wants to think about or live through the heartbreaking realities of being widowed. Unfortunately, however, this is a situation many individuals will one day face or are facing right now. When this happens, there will be tough financial decisions that must be made to preserve one’s wealth – and they’ll need to be made in the shadow of potentially intense sadness and grief. While it can feel outright daunting when lots of new responsibility is heaped on one’s shoulders all at once, this article attempts to lift some of that burden. After all, knowledge is power. Continue reading for three tips that may help bring some stability as one navigates these trying times.
Gain a Clear Understanding of What’s There
It can feel overwhelming as one tries to get their financial bearings, especially when things have probably changed significantly from how they were. One helpful first step can be to determine exactly what one has in terms of assets and liabilities. Not only should there be an understanding of how these figures fit together to construct one’s net worth, but one should also figure out how much they spend on a day-to-day basis. There may be expenses that can be reduced or eliminated entirely along with potentially more suitable ways to invest one’s money. Once these basics have been covered, they can be used as a foundation for taking additional steps towards helping strengthen one’s financial future.
Look for a Financial Advisor to Provide Guidance
Once one has a good grasp on their new financial picture, if they are looking for financial guidance and support, the next step might be to find a financial advisor they can trust. A qualified financial advisor can help one better understand the nuances of their particular financial situation in light of their recent loss and help them meet their objectives for the future. They will also likely review insurance plans, estate planning documents, and investment portfolios to assess any changes that might be necessary. Choosing the right advisor to partner with should help ensure one has an appropriate support system in place as they move forward on their own.
Steer Clear of Well-Intentioned Family Members
While it sounds a bit crazy (who else can one trust outside of family after all?), another tip for widowers is to be careful of well-meaning family members. While they may have the best of intentions and want to help, their advice might not be ideal taking into account factors like investments, inflation, preserving assets, and other obligations. One should conduct their own research and make sure that any advice they receive from family members aligns with their overall financial goals before taking any action. Moreover, widowers should process their grief before making decisions about changing beneficiary designations or suddenly canceling accounts. By taking an informed and methodical approach as a widower, one can work towards long-term financial stability in the months and years ahead.