One should always be prepared for the future, but sometimes life catches us completely off-guard.
To take the burden of the client during the difficult time after the death of a spouse, financial advisers should be aware of these tips to be able to remedy their unique personal and financial risks:
- Collect important papers and documents – It is critical to look for a will, trust documents, day-to-day financial documents, a retirement plan and business agreements.
- Manage the client’s cash flow – Analyze the sources and amount of recurring income of the deceased spouse.
- Assess what to do with the principal residence – Discuss alternatives with the surviving spouse, especially if complications arise due to mortgage payments.
- Assess the cost of catastrophic care – Discuss options for living facilities and long-term-care insurance.
- Protect against fraud and elder abuse – Compile resources from state and local agencies, such as local aging and senior citizen center, and the local Social Security office and review and update regularly.
- Prepare for the future – Ensure the survive spouse and their children have their financial documents in order and updated.
