Death of a Loved One
Losing a loved one can be overwhelming and emotionally draining. And in the wake of that loss, money may be the last thing on your mind when making arrangements and picking up the pieces.
Of course, there's no one right way for you and your family to address the most common issues that arise when faced with a loss. And though many decisions can be postponed while you're grieving, we understand there are practical matters that may need your attention right away
You won't have to do this alone - you can count on us to help you with:
Immediately after a loved one's passing
Your main concern should be your own well-being and that of those you love but there are some practical matters that may need your attention
- Confirm final arrangements and determine how you'll pay for them
- Coordinate with your team of professional advisors on legal, financial and estate matters
- Arrange for cash flow and income to ensure expenses continue to be covered
Getting Things in Order
As you continue to heal after a loss
There are a number of decisions you will begin to face in order to start focusing on life again.
- Apply for survivor CPP, OAS, pension and insurance benefits
- Update titling on accounts and tangible property. Notify creditors and close necessary accounts. Locate insurance policies and file claims as needed.
- Settle the estate and work through any inheritance decisions.
- Manage your cash flow. Consolidate accounts and set up a smart withdrawal strategy while maintaining your emergency fund.
- Reduce or eliminate debt before you retire, especially "bad" debt like credit cards or car loans.
Planning for Your Future
Using what you've learned from this emotional time...
Consider whether or not you've made the necessary preparations for your own future.
- Evaluate inherited assets and changing financial needs and discuss their impact on your financial goals.
- Work with your tax professional to file applicable taxes and steps to minimize future tax implications
- Review and update your estate plan documents and insurance policies. And discuss the details with your family.
Changes in tax laws or regulations may occur at any time and could substantially impact your situation. Raymond James financial advisors do not render advice on tax or legal matters. You should discuss any tax or legal matters with the appropriate professional.
Investing involves risk and you may incur a profit or loss regardless of strategy selected.