The death of a spouse can be an emotionally crippling event. That’s why you need to ensure that, in the event of the death of a loved one, you aren’t also crippled economically. There are preparations you can carry out and contingency plans you can get ready now.
Make Use of a Life Insurance Payout
Hopefully – you’ve had life insurance prepared long before now. If that isn’t the case, you should consult with an expert to find out how possible life insurance would be for you, whatever stage you are currently at. If you do receive a life insurance payout, that can help tremendously. That usually means that you can cover the bills for quite a few months, or even years. This is especially important if your spouse was or is the one primarily in charge of generating income. With the payout, you need to plan carefully. How long will it last you? Is there enough left after immediate expenses to invest it in a safe asset? That will help the money last for quite a bit longer.
Take Care of Credit Cards
Credit cards are important for a few reasons. Number one – it usually flies under the radar. A grieving family is often so preoccupied with their emotional difficulties, the funeral expenses, and logistics, their day-to-day bills that will not stop arriving, etc., that credit cards may simply go forgotten. Unfulfilled debts may cause legal or financial problems. You’ll also want to make sure that cards are all either accounted for or canceled. Keeping an eye on your credit report is critical to preventing identity theft. Make sure nobody tries to take advantage of the turmoil that you’re in.
Look to the Future
You need a long-term plan. You won’t be able to live off of life insurance payments, bequeathments, government assistance, and investments forever. Most often, these resources run out after only a few months or years. You need to know what you can do to support yourself and/or your dependents without your spouse. Hopefully, you have such a plan formed long before such an occurrence. Do you have a college degree or a trade school certificate? If not, you may want to consider going back to school at a local community college to gain more job prospects.
Think about your experiences, skills, and abilities, and make a few options for yourself. Your life is not over. You have to keep going – and you will. One day, you’ll be able to move on and find peace. But you will not be able to achieve much of anything without basic finances.
Check out these other items that need to be completed when a loved one dies.
