TITLE

Financial Planning for Widows and Widowers

AUTHOR(S)
Colgan, Mark
PUB. DATE
May 2004
SOURCE
Journal of Financial Planning;May2004, Vol. 17 Issue 5, p54
SOURCE TYPE
Academic Journal
DOC. TYPE
Article
ABSTRACT
The article addresses how financial planners can help widows and widowers overcome emotional distress and guide them to the point of making sound, rational financial decisions. The emotional impact of losing a spouse typically drains the survivor of the strength to concentrate effectively on financial matters. The financial planner needs to be aware of this lack of focus when working with survivors. The survivor faces three stages in the financial transition process: immediate issues such as funeral arrangements, the business side of the deceased's life, and rebuilding and moving forward with their own lives. Planners can help survivors with funeral arrangements and restraining costs by being sure they receive from the funeral home the U.S. Federal Trade Commission-required general price list and determining if the deceased is eligible for Social Security or veteran's death benefits. The planner should initially focus on short-term needs and goals and not overwhelm the survivor with planning for longer-term needs. The planner can help the survivor through the financial transition by following six steps: helping them organize, recommending an attorney, ensuring liquidity, reviewing and collecting benefits, reviewing assets and liabilities, and settling the estate. INSET: Executive Summary.
ACCESSION #
13090168

 

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