Death is one of the topics not discussed in many family tables. But when it comes knocking, you have no choice but to adhere to its consequences. Facing financial losses while grieving a loved one is challenging. Learning how to handle finances, planning for the funeral, and learning to be dependent financially are significant changes.
After losing a loved one, the aftermath can drain you emotionally and can be painful and confusing. The very person who could give a helping hand is not there, and many find themselves not ready for this. Planning is essential and will help lessen the longevity of your grief. Here is what you should do.
Get involved in Family Finances
While talking about money is vital in a relationship’s success, it also puts you in equal places, gets off the worries of what happens after your beloved one’s death, and helps you control your destiny. You should know some essential things before the death of a loved one.
- Where all the saving and bank accounts are held
- Contact details and name of the family financial adviser
- Where insurance and will policies are kept
Not knowing where to access the money after one dies can leave your partner and children in financial hardship. Not knowing how also to locate vital documentation for probation purposes is also challenging.
It might be someone’s fault that a family member dies leading to financial loss. There is wrongful death law that supports the families whose loved one has died because of deliberate actions or someone’s fault. The law allows the deceased’s family to file a wrongful death claim against the defendant, who will have to compensate the family for the loss. A reason members of the family should be involved in family finance. It helps them know the family representative who may help them in scenarios like this.
Talking and getting involved are all great ideas, but planning is better. Get all your documents together in a secure cloud account or spreadsheet. Scan important documents like; Utility bills, Wills, Life insurance, Property insurance, the list is endless. Leave everything done and if there are passwords, securely store them and let a family member know where to get them.
Make Money Talks Part of Your Family
It is not about what will happen when a partner dies, breaking down communication barriers and setting things clear on responsibilities. Money talk is an emotional topic, touchy and challenging to have as partners may have different opinions on saving and spending priorities. Just like any misunderstanding in a relationship, sweeping the issue under the rug will not make it go away. Find ways to talk about money, make better financial decisions and reach a consensus that pleases both of you.
A loved one’s death should be the only issue to jerk you down but not a financial matter. Leave everything clear, as you may not know when tragedy will strike. Financial loss should be the last thing your family faces after death. A little preparation and help from experts will help you be ready for the worst.