How To Plan For a Financially Secure Life in the Event of a Partner’s Death
How To Plan For a Financially Secure Life in the Event of a Partner’s Death
Gabrielle Olya Sat, November 6, 2021
Today’s “Financially Savvy Female” column was inspired by one of our readers who asked, “Knowing that the life expectancy of women is greater than men, how do wives plan financially for a life without her husband in the later years of her life?” To help this reader out, we spoke with Hilary Fiorella, executive director of the Center for Women in Financial Services at The American College of Financial Services, and she shared her insights about how women can plan for a financially secure life in the event of a partner’s death.
Develop Relationships With Financial Professionals
If your partner is usually the only one who meets with the various financial professionals who he/she may consult with, start sitting in on these conversations now, and consider bringing more professionals into the mix if it suits your specific situation.
“Depending on the complexity of your situation, [these professionals can include] a financial planner or advisor, a CPA and an attorney,” Fiorella said. “You really should have those relationships, and you should be active in these relationships. When you have your quarterly, bi-annual or annual meeting with your professionals, make sure that both of you in the relationship are there.”
Having these professional relationships established ahead of time can be very helpful in the event of your partner’s passing.
“That goes a long way to reducing stress,” Fiorella said. “You don’t want to meet somebody across the table when you’re at your worst, when you’ve just experienced the loss of a partner.”
Have a Clear Understanding of Your Total Financial Picture
“Understand all of the elements of your financial [situation] beyond the day-to-day, because that will impact assets and liabilities,” Fiorella said. “[This includes] your investments and your retirement plan, and knowing how to access any of those elements from the retirement plan should the worst happen.
To continue reading, please go to the original article here:
https://finance.yahoo.com/news/plan-financially-secure-life-event-160009771.html