Grieving a death is difficult for anyone, but it’s especially hard for an elderly person who now has to manage all of their finances on top of already trying to process the loss of a spouse or partner.
If someone that you love is currently experiencing this, don’t let them feel as if they have to do everything alone. Offer your full support and assistance to help reduce their burden.
Here are some things to consider.
Help Them With Funeral Preparations
Bankrate points out that thecost of burial variesbased on the type of funeral or memorial service.
For most situations, expect to pay for the embalming or cremation, a casket or ashes keepsake, service fees, transport, and other preparations for the body.
Help your senior loved one budget for these expenses and find the most affordable options for them. You can look into cost-effective burial or low-cost cremation services to help them save money.
Gather All Important Documents
Help your senior loved one prepare all of the necessary documents before calling an estate planning attorney, insurance provider, or financial advisor.
Some documents that you may need to gather include life insurance policies, marriage certificates, employee benefit information,retirement plan statements, business entity agreements, and property titles. Be sure to work with trusted advisors to help you tackle taxes and legal issues promptly.
When it comes to managing these documents, it’s advisable to select a PDF editor to create digital files that are easily accessible and make storage and retrieval much simpler. A PDF editor also allows you to make changes or updates as needed, and you can even add sticky notes to the document if that helps. Once digitized, sharing documents with all of the appropriate parties will be much easier.
Help Them to Settle Their Financial Burdens
If your senior loved one wants tosell their house (for example, the average home sale price in Salisbury, North Carolina is $246,000), consider working with a real estate agent to help you determine the value of the home. Selling a home can provide a hefty sum of cash to pay for medical expenses and help a person stay afloat during a financial crisis. Depending on how long they’ve lived in the house, they could have a substantial amount of equity.
If your senior loved one is a business owner and is ready to retire, help them to sell their business. This allows them to pursue other hobbies, cope with their loss, and pay off any personal debts. Before selling, be sure to hire a certified appraiser. Getting a professional valuation can help you to get an objective perspective on the economic value of the business. This valuation should include all assets, including inventory and real estate.
As for any unpaid or personal debts, help your senior loved one set up automatic payments or devise a new budget to ensure that their quality of life remains stable and that they don’t feel overwhelmed. You can also try to think of creative ways to generate extra income that would help to take care of their current financial responsibilitiesas well as any estimated future expenses.
Help Them With Claiming Insurance and Other Benefits
If the spouse or partner bought an insurance policy, consider contacting the insurance company right away, as there might be death benefits included in the policy.
RetireGuide notes that your senior loved one might receive alump sum paymentor regular installments, but be aware that taxes might be involved. It’s best to speak with a financial advisor to help you decide on the best time to collect death benefits.
Losing a spouse or partner is already painful, so having to figure out any financial obligations or legalities on top of that can be unbearable to accomplish alone.
By helping a senior loved one manage their financial responsibilities, you can protect their future by maximizing their resources and working with the right professionals.
But more importantly, your help can lift these heavy financial burdens off their shoulders so that they canfocus on what matters the most: their grief and healing.
Do you have any other considerations that aren’t mentioned above? Share in the comments below!
A special thanks to Lucille Rosetti of The Bereaved.
Resources
Borrelli, Lena. “How Much Does a Funeral Cost?”Bankrate, 3 July 2023, www.bankrate.com/insurance/life-insurance/average-funeral-cost/. Accessed 25 Jan. 2024.
Crossmier, Lindsey. “Life Insurance Payout: Filing a Claim, Types, and Taxation.”RetireGuide, 6 July 2023, www.retireguide.com/life-insurance/payout/. Accessed 25 Jan. 2024.
“Financial Planning for Seniors: Estimating Future Expenses.”Springwater Wealth Management, 9 June 2020, springwaterwealth.com/financial-planning-for-seniors-estimating-future-expenses/. Accessed 25 Jan. 2024.
Marsden-Ille, Sara. “Looking for a ‘Low Cost’ or Even Free Cremation Service?”US Funerals Online, 29 Sept. 2023, www.us-funerals.com/low-cost-and-free-cremations/. Accessed 25 Jan. 2024.
Nordal, Katherine. “Grief: Coping With the Loss of Your Loved One.”American Psychological Association, 1 Jan. 2020, www.apa.org/topics/families/grief. Accessed 25 Jan. 2024.
Redfin. “Salisbury Housing Market: House Prices & Trends.”Redfin, www.redfin.com/city/15233/NC/Salisbury/housing-market. Accessed 25 Jan. 2024.
“What Is a Pension Statement?”PensionBee, 20 Oct. 2022, www.pensionbee.com/pensions-explained/pension-basics/what-is-a-pension-statement. Accessed 25 Jan. 2024.
