Advisors who work with widows know that there is often a great deal of confusion after a spouse dies. Widows are often told not to do anything for a year. This is terrible advice. First of all, assets held in joint name have to be transferred into the name of the surviving spouse. Beneficiaries have to be updated on retirement accounts and insurance policies. Trusts and wills have to be reviewed. And investments that were made and understood by the deceased are often not appropriate for the survivor.
The best advice for the widow is to find a trustworthy financial advisor, explain the situation and allow the advisor ro guide the widow through the process of getting on with life. Of course, it’s easier if the has a copy of the Before I Go Workbook to help.
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.