Losing a spouse can be a devastating experience regardless of your age or the circumstances. In fact, it can psychologically be one of the difficult experiences for a person to live through.
While you may never truly be ready to lose a loved one, and in particular a spouse, appropriate planning well in advance of this possibility can help to ensure that your finances remain as stable as possible during an otherwise difficult time. Losing a spouse represents a sea change in the life for most people, and it can especially rock your financial foundations if there wasn’t a plan in place beforehand.
You can protect one another’s future by having a plan to allow the other spouse to know what to do and how to handle the finances and shifts in life when you pass away. Speaking with a Pasadena estate planning lawyer, for example, can give you peace of mind that no matter who passes first, the other spouse has a plan crafted to get through this difficult time.
There are many different impacts to your individual financial picture when a loved one passes away. This includes possible changes to insurance distributions, handling an IRA or income and estate planning considerations.
The first step in being able to take a positive step forward is understanding the potential financial changes that might occur in the near future. This can empower a spouse to understand some of the professionals they need to communicate with in order to craft a plan and help carry out the necessary planning processes going forward. Having a relationship with an established estate planning professional can be one thing that can help to accelerate your planning opportunities and ensure that if something happens to you or your partner, you have an appropriate estate plan in place to help make this transition somewhat easier. The unforeseen reality for many spouses is a sudden loss in income.
This is particularly true as it relates to social security benefits. Discussing opportunities for streamlined transition of assets that can help during these difficult times can be extremely beneficial for a spouse who is otherwise suffering.