Surviving the Loss of a Spouse: Ensuring Financial Well-being and Lessening Burden

Welcome!

Losing a spouse is one of the most difficult experiences anyone can go through. It can be especially challenging if there is a prolonged medical illness involved, as it can take an emotional and financial toll on both partners. However, there are steps you can take to ensure the financial well-being of the surviving spouse and lessen their burden after a loss.

Ensuring Financial Well-being

One of the most important considerations when dealing with a prolonged medical illness is ensuring that both partners have access to adequate healthcare coverage. This may include private health insurance, Medicare, or Medicaid. It's also important to consider long-term care insurance, which can help cover expenses related to nursing homes or in-home care.

Another consideration is life insurance. If one partner passes away, life insurance can provide financial support for the surviving spouse. It's important to review your policy regularly and make sure it provides adequate coverage.

Finally, it's important to have a plan in place for managing finances after a loss. This may include creating a budget, consolidating accounts, and working with a financial advisor to ensure that investments are properly managed.

Important Considerations in Your Will and Trust

When creating your will and trust, it's important to consider how your assets will be distributed after your passing. This may include leaving assets directly to your spouse or setting up trusts that provide ongoing support.

It's also important to consider who will serve as executor of your estate and trustee of any trusts you create. These individuals should be trustworthy and capable of managing complex financial matters.

Lessening Burden After a Loss

After losing a spouse, the surviving partner may feel overwhelmed by the many tasks that need to be completed. To lessen their burden during this difficult time, consider taking some of the following steps:

• Create a checklist of tasks that need to be completed after a loss.
• Reach out to family members or friends for support.
• Consider hiring professionals (such as an attorney or financial advisor) who can help manage complex matters.
• Take time for self-care and allow yourself time to grieve.

Losing a spouse is never easy, but by taking steps to ensure financial well-being and lessen burden after a loss, you can help make this difficult time more manageable.

Love and Light,

Christine

Sources

• https://www.nia.nih.gov/health/mourning-death-spouse
• https://www.healthline.com/health/losing-a-parent
• https://www.apa.org/topics/families/grief