Taking Financial Responsibility Before You’re a Widow or Widower

Taking Financial Responsibility Before You’re a Widow or Widower

Although planning for you or your spouse’s passing is not anywhere near a fun thing to do, it is still very important to thoroughly organize your finances prior to it happening.

How can you and your spouse maintain involvement in the financial planning process so that you can both navigate your finances once one of you has passed?

We always recommend seeking professional advice when it comes to planning the later financial stages in life. We also suggest taking advantage of our online portal where both you and your spouse can access important financial documents in one place. 

Read on for some more advice about creating your will and ensuring it is carried out exactly as you intend.

A Crucial Step to Incorporate Into You and Your Spouse’s Financial Planning Process

Heller Wealth Management provides a portal for clients to put all of their important financial policies and documents in, so both the advisors and family members have secure access whenever they need it.

But you don’t necessarily need to be a client of Heller Wealth Management to use this strategy. There are plenty of ways to securely organize your important documents. Online storage platforms, face recognition services for you and your spouse, and so many other options are available.

Another important step mentioned in episode 108 of Life Unlimited is establishing what the living spouse’s insurance and income will look like when the other spouse has passed.

Do arrangements need to be made for the living spouse? Does the will need to be revised?

These are only some of the important questions you should be asking yourself and your financial advisor.

Other concepts and advice that are expanded on in the latest episode include:

  • How to maintain financial transparency between you and your spouse so you’re both familiar with the financial plan when one of you passes
  • Tax planning post-spousal death and how to prepare for it
  • Revising a will after a spouse has passed away

Again, although these processes are not fun to think about, they can make a world of difference to the people managing your finances when you are no longer able to.

A Spouse’s Passing Impacting Taxes

It is important to think about how your spouse’s passing may affect your finances. Whether your spouse had a pension, or maybe they were still working, it is important to discuss these details as soon as you can during your marriage.

Remember, it is never too early to start planning for these things.

Heller Wealth Management offers several strategies to help you understand how the living spouse will be financially affected when the other spouse has passed – in whichever order it may be. 

We always recommend that both the ‘financial’ and ‘non-financial’ spouse come to these types of financial advising sessions so you both can gain confidence that your financial plan will be executed as you both wish it to be.

The Possible Shift In Your Insurance

Another concept that is thoroughly explained in episode 108 of Life Unlimited is how a spouse’s passing impacts the calculation of your taxes.

There are several contributing factors as to why taxes may change when a spouse passes away. It’s all dependent on what you and your spouse’s unique financial situation looks like.

To learn more about this process, you’ll want to give the latest episode a listen:

Revising Wills Post-Death

There is always the possibility that a will needs to be revised once one of the spouses has passed away. The other spouse may need more financial support, more grandchildren might have been born, and the list goes on.

The latest episode of Life Unlimited has some steps that you need to incorporate into your financial planning if you become a widow, or widower.

To learn more about this topic, listen to episode 108 of the Life Unlimited Podcast or contact us via our contact page.