How To Help A Senior Loved One Make Financial Decisions After The Death Of A Spouse

When a senior loved one loses their spouse or life partner, everything changes. Life as they’ve known it, possibly for decades, will never be the same. And yet, in the face of all that change and while dealing with their grief, they’ll be asked to make difficult financial decisions. Some of them, such as covering the cost of the funeral, will be short term. Others will have longer term implications. But none of them will be easy, especially as they deal with their grief and getting used to a life without their partner by their side. Watching a loved one go through a loss as big as the death of a spouse can be devastating, and while you may want to help, it can be difficult to find the best ways to do so. It’s never easy to know how to assist someone through the grieving process, but the key is to think of all the things they’ll need to take care of and how you can be of help. For many seniors, one of the most stressful parts of the grieving process is figuring out the financial aspect of putting together the funeral and services, as well as how to move forward into a new phase of life as the sole breadwinner. Financial issues can lead to stress, anxiety, and depression, and if they aren’t taken care of right away, they can snowball and become something that is nearly impossible to get out of. Helping your loved one get a hold on their finances as soon as possible will help prevent any issues down the road, and will allow them to focus on their emotional needs during such a difficult time. Here are some of the best ways you can help a loved one who has just lost a spouse. Get all the paperwork togetherWhen someone passes away, it’s important to get several copies of the death certificate, because many different entities need one in order to move things forward. The mortgage company, the IRS, credit card companies, insurance companies, and the Social Security Administration will likely all need a copy. This last one is especially important since it could affect your loved one’s ability to receive a payout in a timely manner. Keep copies of the certificate with any other important paperwork in an accordion folder to stay organized. Get some helpIf your loved one hasn’t retired yet--or has just begun this new phase of life--it’s important to help them ensure that their golden years will still be financially sound. Consider talking to your loved one about hiring a financial planner to keep things in check, especially if the loss of their spouse’s income will dramatically affect their cost of living.Create a plan for the billsIf your loved one’s spouse handled the bills, it’s important to help them get a handle on all their responsibilities quickly. Go through each one and figure out which utilities are in your loved one’s name and which are in the spouse’s; make a list of all the calls your loved one will need to make, and help them figure out how to initiate those changes. It might also be helpful to help them make a budget.Figure out tax liabilityYour loved one will need to figure out their tax liability for the year, so find a good accountant to help them go over their expenses and income and find out the best way to file. Having to deal with the IRS is the last thing an individual needs right after losing a spouse. Helping a loved one get through the loss of their life partner takes time, patience, and a lot of love. The grieving process creates a lot of emotions, some of which are conflicting, and some of which come out as anger directed at you. Keep in mind that they’re hurting and may not know how to articulate their feelings. Allowing your loved one to take their time and work through this painful process will help make healing much easier.If you’d like recommendations for any of the professional services discussed in this article, please contact Choice Connections.  We’d like to help!Written by: Lucille Rosetti