Case Studies: Widowers
Age: 59
Background
A current client passed away who solely handled family’s finances. The surviving spouse was immediately thrusted into becoming the financial decisionmaker. Goals included understanding the state of the family finances, how to manage the finances, and assistance with the probate process.
Results
Barrister had already completed a full financial plan for the family so was able to immediately begin assisting the surviving spouse and reassuring them that their finances were in order and were not an area of concern during this very difficult time. After multiple meetings the surviving spouse felt confident in their ability to handle the finances partly because as part of our planning process Barrister recommends simplifying the process by limiting accounts and custodians. The firm became involved in hiring an estate planning attorney and appraisers, saving the client $60,000 to $80,000 in probate costs. Throughout the probate process Barrister served as a financial advocate for the client ensuring the decedent’s wishes were met while limiting the work and anxiety for the surviving spouse.
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Financial planning is assessing your entire financial picture and advising you on how to achieve your short- and long-term financial goals.
Losing your partner is an incredibly painful and difficult situation. Having to face financial decisions alone can seem daunting. During the grieving process, you might want to get things done as quickly as possible, or might not want to address them at all. Finding a trusted financial partner can help you navigate this new and uncertain time of your life. Barrister is here to help. We’ll create a financial plan that fits your life and supports your goals. We can also assist you with pension survivor options, life insurance proceeds, Social Security, updating your will and estate, and more.
When your partner passes away, you might be responsible for their debts if you are a joint account owner or a co-signer on a loan. Studies have shown that your individual annual income will fall by an average of $5,500 and remain at that level for the next two years. Barrister can help you during this difficult time and keep your finances in order so you don’t have to worry.
We offer one-time, monthly, and annual fee structures.