It can be hard to see things clearly when you’re going through a personal loss or adversity. Having a financial plan can give you a fresh perspective.
During such an emotional time, it can be difficult to know what to do next. A financial planner can help you take the right financial steps.
Avoid Rushing into Big Decisions
You may be tempted to sell the family home, invest life insurance proceeds or gift money to family or friends. Before you make any major decisions about your finances, give yourself time to adjust.
Understand What Assets and Accounts Are Joint
If you co-owned assets and/or held accounts jointly with your spouse, you’re entitled to those assets without having to go through probate or other waiting period. These resources may provide you with an immediate financial cushion.
If your spouse has left an RRSP to you, these assets can be transferred to you on a tax-deferred basis.
Revisit Your Health Insurance Coverage
If you’re currently working, setting up health and disability insurance will protect your ability to earn an income in the event of a serious injury or illness.
Review Your Will and Estate Plan
If your spouse was the primary beneficiary of your assets, or was named as your executor and/or Power of Attorney, you’ll need to identify other loved ones to inherit your estate and act on your behalf.See Estate Planning
Get Help from a Financial Professional
A financial planner can help you put together a plan that addresses your current financial obligations, as well as your future goals and priorities. They can also help with your insurance, estate planning and borrowing needs.See What is Financial Planning?
How Can I Be a Smart Investor?
Receiving an Inheritance or Lottery Winnings
How to Save More for Retirement?