Making decisions about your finances amid personal grief can seem like an overwhelming challenge. Below are some guidelines to help you during this difficult time as you plan your financial future.
Guideline #1: Examine your complete financial situation.
Identifying what assets you have and where they are will give you some peace of mind. When you understand your current financial situation, you will be in control of your financial future.
We are here to support you, by creating a clear picture of what you own and laying out your assets and liabilities in a way you will understand. Together, we will determine what assets are the most suitable for your particular situation, enabling you to make well-informed decisions going forward.
Guideline #2: Prioritize important decisions.
Although some of the decisions you face can be delayed, it will be to your benefit to address others, such as tax-related issues and insurance proceeds, quickly.
As wealth management professionals, we have the experience and knowledge to help you make the decisions that are right for you. We will partner with you to address important issues you might not feel confident about handling on your own.
Guideline #3: Manage investments to meet your goals.
You may find yourself in charge of managing your investments for the first time, and it can feel like a daunting task.
We are able to help you establish a clear set of goals. With your personal financial picture in mind, we will guide you each step of the way, ensuring that you are on the right path to meet those goals.
Guideline #4: Understand your sources of income.
Pinpointing your various sources of income (assets, investments, and savings) will help you determine a suitable spending plan that allows you to meet your goals.
We use our expertise to create a realistic spending plan designed specifically for you, so you effectively handle your expenses and follow your overall financial plan.
Guideline #5: Create a legacy plan.
Thinking about your own mortality is not easy, especially when you’ve just lost someone dear to you, but it is important to ensure your wishes are followed so your children, grandchildren or other beneficiaries receive the legacy you want to leave them.
Effective estate planning is a crucial part of your legacy and should be carried out in close conjunction with other aspects of your financial plan, including tax planning, retirement planning, and investment management.