This week we have a featured article by Lucille Rosetti from thebereaved.org
Compassionate Ways to Help Recently Widowed Seniors Cope with Finances
The death of a loved one is never easy. But for seniors who lose a spouse, they often face more than just grieving. When one partner passes away, the partner who is left behind is also left with the burden of sorting through serious financial decisions. If your older loved one has recently experienced the loss of a spouse, here are some steps to help them sort through their finances.
Collect Copies of All Financial Paperwork
If you are going to help your loved one work through financial decisions, you will need all the important paperwork to do so. Get access to all of their bank statements, bills, and any other paperwork concerning financial accounts. Make copies of any essential forms, and be sure to get multiple copies of the death certificate too. You will need these in order to close accounts, file insurance claims, and work with the finances of the deceased spouse. Organize all the paperwork now in preparation for the next essential step: consulting with an attorney.
Seek Legal Advice
Navigating finances after the death of a spouse can be very confusing for seniors. Finances are tricky enough without the added element of grief. That’s why it is best to consult an attorney when sorting through any finances left behind. If your loved one is simply not up to the task, whether due to grief, age or disability, it is possible for you to take on certain legal advocacy roles for them. By working with a lawyer, you can be legally authorized to act in someone’s best interests when they do not have the capacity to do so on their own. Here are some of the forms you may need to fill out to take on legal roles, but do so under the advice of an experienced attorney to avoid the legal hassles and excess fees that can be created by mistakes.
Be Patient as They Grieve
Helping a loved one with finances can be stressful. However, it’s important to remember that your loved one is still grieving the loss of a spouse. The effects of grief can leave seniors feeling confused and unable to focus. If you can make legal decisions for your loved one, it may make things easier, but if not, you will need to be patient as you work through the process with them. Try setting aside dedicated time to talk about finances. Ask questions that are easy for your loved one to understand. Above all, be calm, kind and understanding.
Don’t Rush Important Decisions
Grief can also make people want to make some pretty drastic changes. If your loved one wants to rush big financial decisions, consider talking them into taking more time. Important decisions, such as selling a home and making large purchases, should be thought out carefully. The only times these quick decisions make sense are when they will make life dramatically easier for your loved one. Many grieving widows find it almost therapeutic to downsize their home or move to a different location when they lose a partner. Whatever the decision, talk it through with your loved one and make sure it makes sense for their future.
Talk to Them About Their Own Will
Talking about death is never easy, but talking about last wishes can make grieving much easier for those who are left behind. As you sort through your senior loved one’s finances, think about having a talk with them about their own will. Have them work with an attorney to fully sort out their finances, memorial wishes, and estate plans, and put everything in writing. Having a detailed will alleviates burden and allows your loved one to focus on sorting through their grief.
Being a widow comes with so much burden for seniors, but financial stress doesn’t have to be one of them. Having someone to help make important financial decisions and devise a sound financial future is priceless for a grieving senior, so be there and be strong for your loved one.
Compassionate Ways to Help Recently Widowed Seniors Cope with Finances
The death of a loved one is never easy. But for seniors who lose a spouse, they often face more than just grieving. When one partner passes away, the partner who is left behind is also left with the burden of sorting through serious financial decisions. If your older loved one has recently experienced the loss of a spouse, here are some steps to help them sort through their finances.
Collect Copies of All Financial Paperwork
If you are going to help your loved one work through financial decisions, you will need all the important paperwork to do so. Get access to all of their bank statements, bills, and any other paperwork concerning financial accounts. Make copies of any essential forms, and be sure to get multiple copies of the death certificate too. You will need these in order to close accounts, file insurance claims, and work with the finances of the deceased spouse. Organize all the paperwork now in preparation for the next essential step: consulting with an attorney.
Seek Legal Advice
Navigating finances after the death of a spouse can be very confusing for seniors. Finances are tricky enough without the added element of grief. That’s why it is best to consult an attorney when sorting through any finances left behind. If your loved one is simply not up to the task, whether due to grief, age or disability, it is possible for you to take on certain legal advocacy roles for them. By working with a lawyer, you can be legally authorized to act in someone’s best interests when they do not have the capacity to do so on their own. Here are some of the forms you may need to fill out to take on legal roles, but do so under the advice of an experienced attorney to avoid the legal hassles and excess fees that can be created by mistakes.
Be Patient as They Grieve
Helping a loved one with finances can be stressful. However, it’s important to remember that your loved one is still grieving the loss of a spouse. The effects of grief can leave seniors feeling confused and unable to focus. If you can make legal decisions for your loved one, it may make things easier, but if not, you will need to be patient as you work through the process with them. Try setting aside dedicated time to talk about finances. Ask questions that are easy for your loved one to understand. Above all, be calm, kind and understanding.
Don’t Rush Important Decisions
Grief can also make people want to make some pretty drastic changes. If your loved one wants to rush big financial decisions, consider talking them into taking more time. Important decisions, such as selling a home and making large purchases, should be thought out carefully. The only times these quick decisions make sense are when they will make life dramatically easier for your loved one. Many grieving widows find it almost therapeutic to downsize their home or move to a different location when they lose a partner. Whatever the decision, talk it through with your loved one and make sure it makes sense for their future.
Talk to Them About Their Own Will
Talking about death is never easy, but talking about last wishes can make grieving much easier for those who are left behind. As you sort through your senior loved one’s finances, think about having a talk with them about their own will. Have them work with an attorney to fully sort out their finances, memorial wishes, and estate plans, and put everything in writing. Having a detailed will alleviates burden and allows your loved one to focus on sorting through their grief.
Being a widow comes with so much burden for seniors, but financial stress doesn’t have to be one of them. Having someone to help make important financial decisions and devise a sound financial future is priceless for a grieving senior, so be there and be strong for your loved one.
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