Financial Tips For Those Who Have Lost A Spouse

American Investment Planners LLC

500 North Broadway, Suite 260, Jericho, NY 11753

(516) 932-5130 / (866) 932-5130

Losing a spouse can surely be one of the most difficult times in your life, and having to make major decisions (such as those related to money) can make matters even worse. However, if this situation is current in your life and you're struggling to figure out what to do next, don't give it another thought - we're here to help! Below are a few tips we've put together for you:

Think carefully: If you've experienced a financial benefit due to your spouse's loss, think very carefully before making any decisions about what to do with it. While you may be inclined to share some money with friends or family or make a large purchase in memory of your spouse, think about how your income and own personal financial needs are going to change. Though this money may be "extra" to you now, down the line it may become something you need to rely on.

Update accounts: Upon your spouse's passing, accounts such as pensions, auto insurance, and anything related to a home or property must be updated. Although changing ownership of an account may not be the first thing on your mind, it's important to do so to ensure that you don't become financially responsible for more than you can handle.

Don't rush: While you may be in a hurry to take care of all financial matters, keep in mind that your emotions may cause you to make decisions that sound right at the time, but aren't the best for your future. Before you make any moves on things like your spouse's investments or life insurance, give yourself some time to come to terms with the situation. 

Ask for help: During a time like this, you mustn't be afraid to ask for help - especially when it comes to money. Though you may want to have complete control over your spouse's assets and your financial future, rest assured knowing that there are teams like ourselves ready and willing to guide you in the right direction! 

At American Investment Planners LLC, we understand just how life changing the loss of a spouse can be, and we know that it can certainly make dealing with money much harder - but that's why we're dedicated to being there for you. To learn how we can help you sort things out during this time, please give us a call at (516) 932-5130.