Financial Planning Following Bereavement

A surviving spouse has many difficult issues with which to come to terms.  Often, one of these is anxiety over finances, particularly if the deceased partner has previously handled most of the family money matters.  This may be particularly acute if bereavement is premature or unexpected.  Anxiety will still exist even when the family finances are left in good order.

It will rarely be appropriate to make rapid changes; following bereavement, reassurance is likely to be more important than change; there will be plenty of time for adjustments.  However, taking the right financial advice at this time should bring about reassurance and peace of mind. Matters to be considered might include:

    •    Are there mortgages or other loans to be repaid?
    •    Are there benefits under life assurance or pension plans to be claimed?
    •    What are the arrangements under pensions in payment; will these continue in full, in part or not at all?
    •    Has the deceased partner left a Will and, if so, what does it say?
    •    What are the likely outgoings of the surviving partner?
    •    What is the potential income from all sources?
    •    How should any capital be invested and is it necessary to provide an income from this capital?

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