Why You Should Work with a Financial Advisor After the Death of Your Spouse

Annrose Isaac CPA, CFP®, MBA
Annrose Isaac CPA, CFP®, MBA
life transitions

How an Advisor Can Offer You Support and Guidance During This Difficult Time

The loss of a spouse or partner is often traumatic and in the midst of the grieving it can be difficult for the surviving spouse or partner to sort through the myriad financial tasks and decisions that will impact his/her (and the family’s) future well-being.  Well-meaning family and friends can often offer conflicting advice or advice that isn’t financially appropriate.  At such a time, a surviving spouse or partner needs an objective professional who will listen patiently to his/her concerns, help to focus attention on those decisions that need to be made sooner than others and then over time help him/her obtain a holistic view of his/her financial picture while offering advice on a range of topics that will impact his/her life for the years to come.

One of the most beneficial roles of a financial professional is to offer guidance in the midst of a life-changing event. Working with the right qualified financial advisor can bring calm In the midst of a chaotic time and provide a path to make sound financial decisions that can ultimately help the surviving spouse/partner regain his/her sense of financial independence and enable a good quality of life.  Below, are a few key ways a financial advisor can be of assistance as you navigate changing finances.

Professional Advice

The aftermath of losing a spouse can be an incredibly overwhelming time as you juggle having to plan a funeral, get your finances in order, and any other hard choices you’re facing – all while working through your own grief. There’s an abundance of legal and financial issues that you’ll have to address such as working out what to do with their assets, updating all your financial accounts and estate plans, revisiting the beneficiaries you have listed on your own accounts, and dealing with insurance policies. However, not all these things need to be done right away it can be difficult to know when you need to be doing what. A financial advisor can help you take the small steps needed, putting together a timeline to help you determine what needs to be tackled right away and what can wait for a later date.


SEE ALSO: What You Should Know About Certified Financial Planners


Assistance with Paperwork

One of the more overwhelming chores you’ll have to deal with after the loss of a spouse is the paperwork that follows. You’ll need to address retirement and life insurance benefits, reworking your estate plans, tax filing, the retitling of assets, and more. Financial paperwork can be complex on its own, but it’s especially daunting after the loss of a loved one. Having a financial advisor at your side can help make sure you’re completing all the paperwork necessary in a timely manner which in turn can help relieve some of that stress that you may be experiencing.

Transition Management Tips

Transitioning from a lifestyle where you have someone to depend on to help you emotionally, mentally, and financially to a life where you’re dependent on yourself can be difficult. This is especially true if your partner was the one who handled the management of household finances. If you personally took a backseat approach to finances and are now unsure about what to do moving forward, a financial advisor can provide the guidance and direction that you need to go from the backseat to the driver’s seat.

From money basics like setting a budget to the more complex financial matters like relocating, understanding taxes, managing an investment portfolio etc. having an advisor you trust to help you learn the ropes can do wonders for mitigating the stress that comes with managing this type of transition.


SEE ALSO: Considerations for Passing an Inheritance to Your Children


A Plan for a Financially Secure Future

After building a life with someone, it can be hard to picture a future that doesn’t include them. You may need to create new financial plans for yourself or need guidance to properly implement the transition plans you may have previously created with your spouse or partner.  Financial advisors are able to take a step back and see the bigger picture as they help you harness the power of the financial structures you may previously have put in place to assist you with this transition or create revised financial plans for your future. They can help walk you through how your short- and long-term goals may be different now and work with you to build a plan designed to bring you financial security as you move forward.

Do You Need to Work with a Financial Advisor After the Death of Your Spouse?

Amidst the loss of a spouse or partner, it can be difficult to find the energy and motivation to tackle the financial decisions that come with their passing. If this is your first time having to handle finances on your own, this can be an especially stressful time.

Having a financial advisor at your side to offer support and guidance as you navigate these difficult decisions can help you hold on to the bigger picture and make smart financial decisions. A trusted advisor can help you set a timeline for when you need to tackle certain financial matters, file the necessary paperwork, settle your spouse’s estate, and help ensure that you have a solid plan in place moving forward, too.

If you find yourself in need of a financial advisor after the death of your spouse or partner, please reach out to us. At Wade Financial Advisory, we offer thoughtful, professional financial advice suited to your needs and goals. If you’ve never worked with an advisor before, we know it can be difficult to begin discussing money matters with someone new. We’re happy to answer any questions you may have to help put your mind at ease and assist you in mapping out a plan to step confidently into your financial future.

This communication contains the opinions of Wade Financial Advisory, Inc. about the securities, investments and/or economic subjects discussed as of the date set forth herein. This communication is intended for information purposes only and does not recommend or solicit the purchase or sale of specific securities or investment services. Readers should not infer or assume that any securities, sectors or markets described were or will be profitable or are appropriate to meet the objectives, situation or needs of a particular individual or family, as the implementation of any financial strategy should only be made after consultation with your attorney, tax advisor and investment advisor. All material presented is compiled from sources believed to be reliable, but accuracy or completeness cannot be guaranteed. PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS. INVESTMENTS BEAR RISK INCLUDING THE POSSIBLE LOSS OF INVESTED PRINCIPAL.

Wade Financial Advisory, Inc. is an investment adviser registered with the Securities and Exchange Commission. Registration of an Investment Advisor does not imply any level of skill or training. A copy of current Form ADV Part 2A is available upon request or at www.advisorinfo.sec.gov. Please contact Wade Financial Advisory, Inc. at (408) 369-7399 with any questions.

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