For the Widow

One third of women who become widowed are under the age of 65. - Women's Institute for a Secure Retirement

Often in life today a woman finds herself widowed, left with the responsibility of taking over the family finances in the wake of her grief at the loss of her life partner.  Your family may have planned well in this area, to create a smooth transition. Other times, the loss was either sudden, or one that you and your husband did not discuss.  Without proper planning you may find yourself uninformed and unprepared to take over the family finances or make the various decisions you must begin to execute.

Though your husband has passed, financial matters must be reassessed to ensure -

  • Funds are structured to support your cash flow needs
  • Investments are understandable and manageable, within your comfort zone
  • Legacy desires are in place through wills, trusts, or other appropriate estate planning mechanisms, also designed to minimize taxation when assets are passed to the next generation
  • Business ownership or succession planning is appropriately in place
  • Care need arrangements are in place for your lifetime, now that your partner cannot play this role
  • Desires and wishes are communicated to the next generation, who are incorporated in life and legacy planning

 At Women's Wealth Management, we understand it can take time to get comfortable with this changed financial picture and responsibility. Women often look at the their financial situation far differently than their spouse, and may have to become more educated in financial matters in order to get comfortable with taking control.  We believe its important to take the time to help you learn this new role, and enable you for success.  

FREE Report - Eight Financial Steps for Widows by Michelle Ash

If you are reading this report for widows because of recently losing your spouse, I offer my condolences. The loss of one’s life partner is never easy in any regard. Most of the time, there’s probably enough to deal with just from an emotional standpoint. But as you likely well know, life does not stand still and other matters, including finances, must eventually be dealt with. Having worked with and talked with so many widowed women, these eight financial steps are designed to help you preserve your financial well-being and reduce the emotional burden when taking on new financial responsibilities.

 
Step One: “Take stock” and get the benefits rolling
 
The easiest place to start in any new situation is by becoming familiar with your surroundings. You may or may not feel that this phrase applies to you. If you didn’t have a role in managing the family money while your husband was alive, you may feel that handling your entire financial picture is a new, overwhelming responsibility. Since some spouses manage money together, or perhaps you were even the primary person responsible for your family finances, you may be feeling as if, financially, things are already familiar. However, have you ever gone on a drive somewhere that you’ve been to before but perhaps haven’t visited in a long time? Often, when you do this, things can feel very different. Some streets and buildings may look the same, but perhaps the area has built up, or gotten run down, trees have grown, building colors are different. Your financial life now is often the same way.   No doubt you are familiar with many of the financial instruments you and your husband had – bank accounts, CD’s, investments, insurance. But your situation and your needs – your surroundings, so to speak – have totally changed.
 
To begin the process, it’s important to “take stock” of your assets. Some of them may change – for example, life insurance policies on your spouse will pay out their benefit, pension plans may end or change form, and accounts in joint names will need to be retitled. Start by making a list of all of your financial accounts and their balances. Make a separate list of the ones that need changes. If you have life insurance, annuity contracts, or retirement plans, you will want to begin the process of finding out what these companies require in order for you to receive the financial benefit. Typically a phone call to the financial institution to let them know your spouse has passed away will be the first step you’ll take. Most companies will require a certified copy of the death certificate, so you may need to request as many certified copies of the death certificate as accounts that need change. Most companies will also have paperwork from their institution you will need to complete. That first phone call to the institution should get the ball rolling and the necessary forms on their way to you. Do yourself a favor, though, and read all the way through these steps before you begin to execute them. There may be questions you are asked when you make that call to the institution, and the remaining steps will help you be better prepared.
 

 

Read articles written by Michelle Ash, CFP®, CDFATM

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