Losing your partner
The loss of a partner is a life-altering event that no one can be truly prepared for.
At the time, the last thing you want to be worrying about is money. Understanding what you will need to do and having safeguards in place will help you through this difficult time.
Preparing for the funeral
A funeral is a good opportunity for everyone to say their goodbyes. Your partner may have left directions for their funeral in their Will, but it is likely that you will need to make some decisions.
Paying for a funeral can be expensive, so get a quote and decide what aspects would be most important to your loved one. Contact their bank; you may be able to access an amount of money before the Will is finalised, to assist with covering the costs.
Understanding the Will
At some point, your partner’s assets will be divided up. If they left a Will this will be between their beneficiaries and overseen by an executor. There are documents you can provide to ensure the executor honours the Will in a timely manner, such as banking records, tax statements and superannuation balances. If your partner didn’t have a Will, the government will oversee the division of their assets.
Adjusting your life
As difficult as it may be, you will eventually need to adjust back into a day-to-day routine. Getting on top of your finances is part of this. You will need to take control of the daily and long-term expenses. If your partner took responsibility of most of the bill paying or banking, you should take the time to familiarise yourself with where you stand and any assets and investments you now control.
The loss of a partner is a tragedy. Ensure you have the support you need to get through it and be patient.