The loss of a spouse is something we spend nearly our entire lives fearing, which also means we don’t typically spend a lot of time thinking — or planning — for this kind of event.
But in a moment of devastating pain, having a plan gives you the confidence to focus on what really matters, rather than worrying about where the money will come from.
“It’s our job to help you protect those who matter most, and that’s more than a promise. It’s a care philosophy that drives our culture, brand values and purpose,” said John Vance, President of Vance Wealth, CERTIFIED FINANCIAL PLANNER™, cdfa®. “We will be by your side through all of life’s challenges, striving to protect you in the most difficult of times and empowering you to find the best of times.”
So if you have to cross that terrible bridge, what might it look like? How do you get to the other side in one piece? To help you create a plan, here are the first three steps to preserving your financial situation after the loss of a spouse.
- Talk to your financial planner.
Finances can be one of the most overwhelming parts of handling the loss of a spouse, and no one should have to sort through numbers and options without the help of a trusted partner.
“As a CERTIFIED FINANCIAL PLANNER™ professional, we work with your team of advisers, acting as the quarterback of your overall financial plan,” John said. “We understand the nuances of each issue, from cash flow and investments to insurance and taxes.”
- Find a guide not a decision-maker.
While the loss of a spouse significantly affects your financial situation and planning, it’s first and foremost an emotional experience that should be treated as such. It’s ideal to have a team of professionals who actively listen to your concerns, wants and needs, as well as educate you along the way. To do what’s best for you and your family, you should understand the process and be involved in the decision-making. This is no time to be on the sidelines of your own finances.
- Notify your team, agencies and organizations.
Lastly, there are several tasks you’ll need to complete, to re-organize your finances. Here are a few tips and tasks to get you started:
- Obtain duplicate death certificates to send to financial institutions, etc.
- Notify your local Social Security office, Medicare, life insurance companies, banks, mortgage companies and credit reporting agencies
- Terminate insurance policies, credit cards, driver’s license, email accounts, memberships and organizations
- Meet with your Estate Planning Attorney.
- Contact your tax professional.
Vance Wealth is available to provide helpful guidance and education to anyone who has lost a spouse or loved one.
Please contact [email protected] at 888-775-0950 to set up a consultation.
About Vance Wealth:
Since 2003, Vance Wealth has served as a premier financial planning practice passionately committed to helping clients and families succeed at every step of their financial journey. Serving Southern California, the practice delivers innovative and comprehensive wealth management strategies precisely customized to each client’s goals and needs. Our mission is to help our clients and families succeed at every step of their financial journey, inspiring them to achieve more. We are committed to stand by their sides to help make the difficult decisions, celebrate life’s joys and be a trusted partner for every moment in between. To learn more, call 661-775-0950, email [email protected] or visit VanceWealth.com. To keep up with more exciting news, follow @VanceWealthGroup on Facebook.
Disclosures: The foregoing information has been obtained from sources considered to be reliable, but we do not guarantee that it is accurate or complete. Any opinions are those of John Vance and not necessarily those of Raymond James. Raymond James does not provide tax services. Please discuss these matters with the appropriate professional. Certified Financial Planner Board of Standards Inc. owns the certification marks CFP, certified financial planner™, CFP® (with plaque design) and CFP® (with flame design) in the U.S., which it awards to individuals who successfully complete CFP Board’s initial and ongoing certification requirements