There are few things more traumatic in life than the death of a loved one. Alas, this is part and parcel of being a human, something that we all need to face at some point in our life. Though you’ll need time to adjust to the emotional response to the loss, it’s important that you’re also keeping an eye on the practical matters of your life. If you let these fall by the wayside, then by the time you make it through the other side, you might find that you have a lot of mess to clean up. Below, we take a look at some important financial steps to take, even while you’re in the mourning period.

 

Assume Control

It doesn’t matter if you were heavily involved in your partner’s finances or not; once they’re gone, it’s up to you to assume control of their affairs. This will become especially important if you were married, as their finances will be closely linked to you, even if you had previously maintained a “hands-off” approach. Get an overview of all the expenses that are in their name, and get in touch with any companies to whom they owe money to explain the situation.

Claim What’s Rightfully Yours

You’re not necessarily going to be out there all on your own when it comes to finances. They may have left money for you in their will or may have died as a result of negligence. They may also have had life insurance. Whatever the circumstances are, make sure you’re working towards claiming what’s rightfully yours. If there’s a case for wrongful death, get help from a website like gbw.law/personal-injury/wrongful-death/. Also, speak to the company in charge of their life insurance policy. It may take some time to sort out these things, but the earlier you get the ball rolling, the better.

Rethink the Expenses

If your loved one was supporting you, then you’ll need to get used to handling your own finances. To begin with, this will mean rethinking your expenses, to ensure you don’t get yourself in some financial difficulty. If you’ve got any expensive luxury monthly expenditures, then put a pause on them. While you’re figuring out your financial situation, it’s best to keep all your costs to a minimum. There are always ways to tighten your belt, at least for a while.

Be Willing To Accept Help

This will be one of the most traumatic experiences of your life. There will be people on hand who want to help you make it through. But in order for them to do this, you’ll need to be willing to accept help. If a close relative offers to loan you money until things are sorted, then you’d be wise to accept.

Make Rational Decisions

We’re prone to acting out of character when we’re under stress. When it comes to the big financial decisions, make sure you’re thinking in a clear and logical way. This will prevent you from making mistakes that you might later regret.


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