These are words I hear over
and over from clients who suffer
the unimaginable loss of their best
friend, lover and/or co-parent.
so, now what?
People often tell me they feel
numb, lost, emotionally drained as
well as abandoned, paralyzed and
lonely. once the grief and mourning
subside, the reality of life and time
will help heal their pain.
as they move forward in their
journey on a new path, organizing
their finances helps them regain
control and reduce financial worry
during the time of healing. Their
support network is also very impor-
tant so they do not feel overwhelmed
here are 11 steps baby boomers
and others should take following the
death of their significant other.
By Steven P. Azoury
1) Funeral and memorial arrangements The funeral and memorial arrangements need to be decided. once
a funeral home is selected, your client should discuss the cost with the
funeral director. a family member or friend of your client should attend
to help. It’s important that there is a budget for the entire funeral, service,
burial, clergy and obituary. The client should contact friends and family to
ask for help with housekeeping tasks, caring for young children and being
there in case of an emergency. They will also want to have a system to re-
cord information to acknowledge cards, letters and phone calls later.
2) Organize information Your client will want to start a filing system if they haven’t already.
This system will include information for bank and credit card statements,
bills, employer information (both theirs and their spouses), along with
estate planning documents and tax information. Next they should separate
investments as well as other assets and life insurance policies. They should
have a planner to keep important due dates and take notes on contacts
made, or else they could forget who they talked to and what areas they are
3) Contact network of advisors (attorney, tax professional, insurance agent and financial advisor) Your client should secure their
documents for their attorney, especially wills and trusts. They will also want
to meet with their tax professional to discuss tax considerations for the current year. They should be prepared to discuss their money issues with their
financial advisor and talk about their current circumstances.