Morning Blend on Mater Dei Radio: Widow Financial Roadmap

Morning Blend on Mater Dei Radio: “Widow Financial Roadmap”

Are you and your spouse financially prepared for the inevitable?

These are not easy conversations, but they are extremely important. The last thing that you or your spouse should have to worry about during grief is money. It’s more simple than you realize to prepare your family for this situation.

Here are 4 steps we suggest you walk through TOGETHER, before it’s too late:

1. Create a Financial Inventory

This will include any and all accounts you have, banks you use, Trusts or Wills you may have. Consider this a table of contents for your finances. It doesn’t need to be more detailed than the bank, the type of account, and the balance.

The goal is to make sure no accounts are forgotten. The last thing you want is an old IRA being forgotten.

2. Ensure Cash Flow Needs Are Met

It’s not uncommon to have various sources of income later in life. You could have social security, a pension, military benefits, etc.

Take the time to fill out a sort of “budget”. This will help you consolidate all incoming and outgoing funds, in order to pay bills, etc. on time.

3.  Setting Up a Password Manager

This one isn’t as familiar to most people but it’s extremely crucial. A password manager securely stores all logins for any account you have. It can be a grocery store account or a bank account, and many in between.

Look for a well known, trusted manager. Almost everything is digital these days, and when you’re gone, your loved ones will need to access your accounts. A password manager allows access to important information easily.

4. Writing a Personal Letter

This is not an easy thing to do. Your letter should include a few key items. List where financial documents and information can be found. Be sure to note any professionals that you work with so your spouse can contact them.

Lastly, encourage your spouse not to make any major changes right away. Grief can cloud judgement and making decisions during those times are often regretted later. Waiting a few months to a year can allow time for the dust to settle and the surviving spouse to calm into their new routine.

Are you financially prepared for your loved one to pass?

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