Too many times I see couples who are initially “not interested” in having the wife involved in the financial planning process. She has relied on her husband to handle the finances and they see no good reason to change that. This becomes problematic should something tragic happen and the wife is widowed. Here is some widow financial advice based on a client we once had where this situation happened.
Maura was a woman who raised four children, all of whom lived in different parts of the country. All were married and had children of their own. Her 12 grandchildren always looked forward to visits from Grammy but in the past year she had less and less time to visit. Her husband had developed pancreatic cancer and her time was completely devoted to his care. He was with her for a very short four months after the diagnosis. She was in a state of shock when she came to see me.
She knew absolutely nothing about their personal finances.
He had shielded her from all the responsibility but couldn’t find the mental space to process much else but his impending passing. He called his oldest son early on and asked him to get their stuff in order for his mother’s future. He said he would.
When Dad passed, Mom was emotionally distraught and could not do much more than take care of her own personal physical needs and even that was sparse.
If you do nothing but prepare a list of all your assets, where they are located, user names, passwords, and websites of online accounts, and final wishes, you will be helping each other get through a very tough time.
Maura made it through but not without considerable heartache and disharmony among her children. It was all unnecessary pain had some other steps been taken while both spouses were alive and well.
If you need some help getting started on this before you need this widow financial advice, please contact us so that we can set up a complimentary phone call. If our services are a match for your needs, we will be thrilled to help you avoid this pain and get your personal finances back on course.