We sincerely empathize with the difficult situation you're facing. We understand that this is an incredibly challenging time, and it's completely natural to feel overwhelmed by the emotions and decisions ahead. You may not be thinking about finances or the future, but when you're ready, it can help to focus on small, manageable steps to get you through this. We will guide you through what can help you take care of things, even in this difficult moment.
1. Take Care of Yourself First
Grief is exhausting. It’s okay to take time to feel sad, cry, be angry, and take breaks. Your emotions need space to be processed. If you're feeling physically or mentally drained, talk to someone close to you or a professional about how you're feeling. Sometimes, just asking for support can bring a little relief.
You might want to speak with a grief counselor, if you feel like you need more support for your emotional health. Sometimes talking to someone who is trained to help with grief can make a big difference in how you process everything.
2. Focus on Immediate Financial Needs
Getting professional advice can be invaluable. While our tendency is to reach out to family and friends who may have gone through similar journeys, their guidance is helpful but remember that your situation and needs will be different than others. A simple tip is to grab a brightly colored notebook and write down information from all of the conversations you are having at this time. The grieving brain will have a tendency to forget even the most basic of tasks. This will allow you to take notes of what is being discussed for your future reference.
A financial planner can help you navigate decisions around taxes, investments, and your long-term financial situation. They’ll also help you understand things like your spouse’s retirement accounts, pensions, or Social Security benefits, and what might be available to you.
We can help guide you on what documents to start gathering such as spouse’s Will, any insurance papers, and any important financial statements. It might feel like a lot, but just gathering them can help you take control.
Immediate steps might include:
Notifying key people: Let close family members, your spouse’s employer, your estate planning attorney, and financial advisor know of the passing.
An Estate Planning Attorney will help guide through the probate process. For example, in Ohio, creditors have 6 months from the date of passing to file a claim against the estate, you may be advised not to file for probate until that 6 months has passed.
A Financial Planner will help guide you through all things related to finances and insurance. We are here to help quarterback the entire journey with you.
Life insurance: If your spouse had a life insurance policy, find out how to file a claim. This can provide some financial help in the short term. Your financial planner will also be able to guide you through this process.
Bank accounts and bills: You’ll want to check on joint accounts, automatic bill payments, and how those are set up. If you have joint accounts, you can usually access them, but make sure to inform the bank of the passing so they can help with next steps.
4. Take Small Steps Toward Your Future
The pain is real right now, and it's okay to take everything one day at a time. When you're ready, start thinking about your long-term future. As your Financial Planner, we will help guide you through the next steps.
What do I need for the next 3-6 months? This might include things like managing bills, creating a budget, and adjusting for any changes in your income.
Do I need to make changes to my living situation? If your spouse was the primary breadwinner or was responsible for certain things, it may be necessary to adjust how you're managing your home and lifestyle, even temporarily.
But remember, these decisions don’t need to be made all at once. It’s okay to move slowly and ask for help.
5. Honor Your Spouse While Moving Forward
As you move forward, it's normal to feel torn between missing your spouse and figuring out the practical side of things. It’s a delicate balance. Keep your spouse's memory close, but also recognize that your journey ahead is your own. Give yourself grace, and take time to rebuild—emotionally, financially, and physically.
You’re not alone. It’s okay to ask for help, lean on loved ones, and take small steps each day. It will be a slow process, but with time and support, you’ll find a new way forward.