Managing Finances after Loss

The loss of a loved one can feel overwhelming. During such a sensitive time, managing financial matters may add to the stress. While everyone’s experience with grief is unique, it can be helpful to approach these tasks with guidance and compassion.

Taking The First Steps to Help in Managing Finances After the Loss of a Loved One

Connect with Professionals
After a loss, it’s important to review any existing estate planning documents and understand the steps that need to be taken. This includes wills, trusts, and beneficiary designations. Working with a team of financial advisors, estate attorneys, and tax advisors can help in navigating estate planning. To read more about securing your legacy, check out our latest Perspectives Article here.

Gather and Organize Important Documents
Another helpful step is to gather and organize important documents such as wills, life insurance policies, and bank statements. It is helpful to obtain multiple copies of the certified death certificate. Some companies will not accept photocopies (though digital copies may be accepted). This is common with insurance policies and annuity contracts. Read more about gathering documents here.

Review and Update Financial Accounts
After notifying financial institutions of the death, review the account ownership and beneficiary designations as needed. This process might involve contacting financial institutions to manage accounts, transfer assets, and help to ensure that everything aligns with the deceased’s wishes. Another helpful step is to update or cancel insurance policies and notify credit bureaus to protect against identity theft.

Finding Balance Between Emotional and Financial Needs
After the loss of a loved one, addressing financial matters with care can provide more peace of mind. As you navigate these challenges, remember that you don’t have to do it alone. Our team at StackStone Wealth can provide the guidance you need to make informed decisions. By taking these steps, you can help secure your family’s financial future and create a legacy that honors your loved one’s memory.

If you need personalized advice or have questions, please don’t hesitate to reach out. Together, we can work through this difficult time with compassion and more confidence.