In this and the previous blog, we are discussing the financial issues that need to be considered when you find yourself single again. The previous blog covered what to do in the case of divorce.
In the case of a spouse’s death
As traumatic as the death of a loved one can be, the loss of a spouse not only impacts one emotionally, it can also impact you financially. Below are financial issues that need to be considered as soon as possible so there aren’t any unintended consequences. Please consult with your attorney, financial planner and/or CPA for specifics regarding your own personal situation.
[fancy_list style=”triangle_arrow” variation=”steelblue”]
- Revise your will.
- Contact any credit card companies and cancel any accounts of the deceased. For joint accounts, change them to be in your name only.
- Meet with a reputable financial planner to review your overall retirement situation and update plan beneficiary designations.
- Review life insurance policies including beneficiaries.
- If there are minor children involved, select a guardian for them. Be sure to include written instructions on how the children are to be raised. Also include instructions on how your assets are to be managed and used for the care, benefit and protection of the children.
- Make sure the children’s future needs are funded.
- Inventory all assets. Make a pictorial or video inventory
- Update your medical directive.
- Meet with a reputable CPA to calculate estate tax implications.
- Review budget based on new financial situation.
- Get updated information regarding all loans, including copies of the most recent mortgage statements.
- Decide what to do with the family home.
- Contact a Realtor for a Date of Death Valuation of all real property.
I have a large network of professionals that my team and I work with. We can give you referrals to help with any of the points listed above.
When deciding what to do with any real property, I would be happy to meet with you to discuss your options.
Nancy has been licensed to sell real estate since 1991. This includes sales experience in residential, land and investment properties. Due to her vast experience and expertise in the handling of complicated real estate transaction, she as the chosen as the Official Real Estate Sponsor of the Pasadena Bar Association for 5 years.
Nancy approaches each home sale as a new work that will be given a glorious Premiere! The staging, set design, and presentation all result in her listings being the “buzz” all over town. Nancy harnesses the power of the Internet to give her listings a competitive edge. She sees the Web as the most valuable way to respond to the constantly changing real estate climate. Nancy has the experience, knowledge and flexibility to harness the power of the Web in real estate transactions to get her sellers’ properties the best exposure, worldwide.
Like most people in this field, Nancy had another career before entering real estate. After graduating from Northwestern University School of Music, she attended the Juilliard School. Nancy went to Europe for the summer to continue her vocal training and stayed for 12 years! She sang professionally as a lyric soprano soloist in Austria, Switzerland, and Germany. Nancy is fluent in German and has a very good ear for languages! Her years of living abroad have given her a deep understanding of Buyers and Sellers from varying cultures and traditions. This experience is a valuable tool in understanding client needs and translates into a superb skill in negotiating on behalf of her clients. The experience of living in Europe as well as recent trips to visit family in Asia, she has a deep understanding of varying architectural and decorating styles.