Intro to Planning for Widows
/Some of my most meaningful client relationships have been with widows. There are many reasons behind this, but widows face a different set of circumstances than couples do.
Whether a recent widow or a soon-to-be widow, a partnership has or is in the process of ending. You may have made financial decisions with your spouse or maybe these decisions were made separately, but now you are forced to make these decisions on your own. In a best-case scenario, you already have a good relationship with a financial advisor. But if not, you should look for someone who has been down this path before and understands what you are facing. You have so many decisions to make with a new set of facts and having the right financial team in place could really reduce the stress of these decisions.
With so many financial decisions looming, the list of considerations can be daunting. Income taxes, estate planning, investment advice, cash flow planning, long term care planning, electing Social Security…Any of these on their own is difficult. But so many of these are interrelated and one decision in one area has impacts in others as well.
Many people don’t NEED someone else to help them make a decision, but they prefer to have someone to work with through tough decisions. When the decisions are now all in your hands, this may seem off and you may want to bounce your thoughts and ideas off someone else before making the final choices.
When you are overwhelmed, it is more difficult to make tough decisions. Having an experienced advisor on your side can make the mountain of choices seem much more manageable. Not all decisions have to be made immediately and a professional can help you prioritize. Often, we make a list of what needs to be addressed with a corresponding timeline for each item.
The fog will eventually lift, but the decisions you make in the meantime are incredibly important. With so many different thoughts coming your way and a range of emotions, it pays to have a reliable partner to guide you through this period and beyond.