On This Episode
While it’s easier to pretend you won’t have to worry about it, one day you or your spouse will pass away. What happens to your financial plan and assets when it does?
While no one wants to talk about it (or even think about it), eventually one spouse in a marriage will die first. What happens with your financial situation when the time comes? Are you adequately prepared?
It’s important that the surviving spouse understands what they have. They also need to have the right advisor for direction and advice for what can be done moving forward. Make sure your plan right now considers what happens when one spouse dies.
Right away, what does the surviving spouse need to tend to financially? From bills to paying the mortgage, make sure you cover all of your expenses. Does your spouse know where all of the important documents are kept and how to keep things running if needed in your absence?
Then, when it comes to financial planning following the death of a spouse, you may need to make changes. Are your assets allocated properly? Maybe you’ll need it to be more conservative or aggressive depending on your situation and income. Your income may change considerably if you are losing a pension or Social Security.
How can an advisor help? What is their role in helping you prepare for the financial needs of the future? Find out how you can prepare both now and when the time comes for a smooth transition financially.
What it takes is spending time with people and giving them an education and understanding of where things are and a safe place where they feel comfortable to ask the questions that they want answers to.
- Mark Silverman, CFP®
Let’s get rolling with the first episode and you can use the timestamps below to skip around to specific topics.
0:46 - What is someone most concerned about financially after losing a spouse?
2:52 - What are the immediate challenges after one spouse passes away?
3:52 - You may have a major reduction in income.
5:47 - What does it look like to be in a bad position after a spouse dies?
7:07 - What’s an example of someone who was left in a good place financially?
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