The death of a spouse is one of life's most difficult challenges. In addition to the emotional issues you must deal with, there are pressing financial responsibilities to attend to and many decisions to make. You and your spouse can spare each other from financial burdens that often accompany the death of a loved one if you undertake some important planning today.

What To Consider

Record keeping and financial planning is critical

Do you and your spouse know where all your financial documents are? Does your spouse know the location of all your bank accounts and your current balances? Do you have a will? If your estate is above the limit excluded from estate taxes, do you have an estate plan? If you haven't organized your finances and reviewed your financial plan with an advisor, now may be a good time to do so.

Review your insurance needs before your spouse and family may need coverage

If you have children you will want to make sure that you have sufficient life insurance, for both of you. Families often over look life insurance for spouses who are full time homemakers. And yet replacing their contribution to the family should they die, in terms of childcare alone, can be very expensive and should be considered when planning for the unexpected.

How Harborstone can help

Planning ahead can spare your spouse many financial burdens should you die. Through Harborstone you have access to advice regarding financial planning and a wide array of financial products that can benefit you now and your family in the future. We can help you review your insurance coverage and other assets in a total analysis of your estate. Then we can assist you in developing your estate plan to preserve more of your hard-earned assets for your loved ones. We have several solutions to lessen the burden to survivors, including life insurance an annuities.

To schedule a complimentary appointment with a Harborstone Financial Advisor, call (253) 589-8396 today.

Next — Deep In Debt