The death of a life partner is heartbreaking. As we take time to grieve, we must also take time to consider our financial situation and obligations that go along with the loss of a spouse.
If your partner was in charge of the finances, then it’s time to step up and get involved as soon as you are emotionally ready. You might still be in grief, fear and despair, however it’s time to take action on your finances before they become messy.
First, it’s the RUSH. You must take action in the first month of losing a spouse. Keep up with the bills, collect any life insurance policies and understand how your health insurance works now with the loss of your spouse.
Second, it’s the HOME. Even if your home seems manageable by yourself, you must ask yourself if you can keep up with the daily maintenance on your own? Are you capable of mowing the lawn and fixing minor repairs to the house? If in doubt, you may want to consider moving into a smaller apartment or with a loved one to cut out the upkeep.
Third, and final, it’s the PURSE. It’s surprising how many people are fooled by loved ones, and even more surprising how loved ones fool their own. Adult children have been known to take advantage of their parents’ inheritance, pushing all emotional buttons and pulling on all strings to get their hands on the real purse. Saying “No” might be hard, but it’s only for the good of your financial future.
Go over these financial tips and if you must, seek legal advice managing your money as a widow.
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