If Widowhood Happened Tomorrow, Would You Be Prepared?
No one likes to think of the death of a loved one. But considering the difference in life expectancies of men and women (1), widowhood is a possibility that you need to take seriously. If you were widowed tomorrow, would you be prepared?
There is no way to prepare emotionally for the loss of a life partner. However, you can prepare financially. If you spend some time and effort in advance to make sure you can answer the following questions, you will ease the burden. Widowhood is already an excruciatingly difficult time, you don’t need financial pressure weighing on you as well.
Does Your Husband Have A Will?
If your husband doesn’t have a will, he needs to create one today. Without a will, closure can be harder to come by and things can get messy. If he does have a will, you need to know where it is and have access to it. His will won’t serve any purpose if no one can find it. Also, it would be a good idea for him to review his will to ensure it reflects his current wishes. How would it feel to discover after his death that his will still named his ex-wife as his heir?
Do You Know Where Your Important Documents Are Stored?
In the aftermath of your husband’s passing, his will is not the only document you will require. You will need things like your marriage certificate, his birth certificate, and his Social Security card to do things such as request benefits or change the name on your car titles. Be sure you know where all of these documents are, in addition to automobile titles and property deeds.
Do You Know What Benefits You Are Entitled To?
When your husband dies, you will be entitled to Social Security benefits and perhaps other things like pension benefits, life insurance, and annuities. If he’s still working, there’s a good chance you will be entitled to benefits through his employer that you are unaware of. Have your husband make a list of all of the benefits that you will receive at his death, and make sure you have all of the necessary information to claim those benefits.
Do You Have Access To All Financial Account Information?
You most likely have a checking account, savings account, retirement and other investment accounts. When your husband dies, it will be your job to manage them. You need a list of all of the accounts you have, whether joint or in only one of your names, the type of account, the institution that holds it, and the account number.
In addition to your assets, you have liabilities, such as debts, insurance and monthly utilities. You need all of their information as well, including how and when payments are made. You don’t want to end up defaulting on your mortgage while you’re trying to cope with your husband’s death.
Do You Have A Budget?
An important part of developing a plan for you to move forward alone will involve knowing your current spending needs. If you don’t already have a written budget, begin tracking your expenses and create one. It will really help in planning for the future to know what you need on a day-to-day basis.
Do You Have A Trusted Advisor?
Having a strong support system will carry you through the death of your husband and give you the strength to move on. Part of that system should be a trusted financial professional. In many marriages, the husband handles the finances and it is he who has a relationship with the family’s financial advisor. Once he is gone, his wife inherits an advisor that she neither knows or trusts.
It is vital that you have someone you trust that you can turn to for help in financial matters. Widowhood is a very vulnerable time and many unscrupulous people prey on widows. Take some time now to get to know your financial advisor and make sure you like working with them and feel that you can trust them. Your peace of mind is of utmost importance. If necessary, find another advisor.
How We Can Help
It is worth your time to prepare for possible widowhood before it happens. At Navigate Private Wealth, we strive to help you enjoy more and worry less. We work to prepare your finances for any situation and every stage of life. As you prepare for widowhood, we are here to answer any questions you may have.
_______
(1) https://www.ssa.gov/planners/lifeexpectancy.html