The Wall Street Journal printed a great article on a subject close to our heart. Because of decades of experience, we are the preferred advisor to many widows.
Many marriages have a division of labor where one spouse is the primary manager of the family finances. The article had this to say about this scenario:
“It’s common for surviving spouses who took a back seat on money matters to find themselves with an incomplete picture of their net worth or where the accounts are held.”
To prepare for this, married couples should take the following key steps:
A surviving spouse should
It is almost inevitable and completely understandable that the surviving spouse will be overwhelmed during this time, so you’ll want to prepare a list of things to do in advance should this happen.
Your financial advisor is the one individual that the surviving spouse will have the closest relationship with. They will guide your CPA through your taxes once a year and your estate plans, which should be reviewed every few years. It is to be expected that financial issues are ongoing and conversations will be frequent so if you are experiencing this, understand that it is completely normal.
Arie J. Korving, a CERTIFIED FINANCIAL PLANNER™ professional, has been delivering customized wealth management solutions to his clients for more than three decades. Prior to co-founding Korving & Company, he was First Vice President with UBS Wealth Management and held management positions with General Electric.