4 Dangers That the Recently Widowed Need to Avoid

10:02 pm Asset Protection, Estate Planning

danger 150x150 4 Dangers That the Recently Widowed Need to AvoidThe loss of a spouse is one of life’s most painful and stressful events, and there are financial landmines that a newly widowed person – usually a wife – should be aware of and avoid.  A New York Times article recently outlined four of the largest financial pitfalls to evade:

Making rash financial decisions.  Some financial tasks – paying bills, collecting on life insurance, identifying accounts – can’t wait, but most can.  Many newly widowed people suddenly find themselves the target of investment pitches because of their vulnerability.  The Times article recommends obtaining advise from at least three other financial professionals before you make any financial commitments.

Decisions about your home.  Making decisions about your home that have long-term consequences – such as paying off the mortgage right away or putting your home up for sale – should not be made too quickly, while your emotions are still raw.

Lending money.  If your deceased spouse’s estate was a large one, you may find yourself beset by requests from relatives for loans or cash.  If this happens and you find it difficult for to decline such requests, enlist the help of an accountant or estate planning attorney.

Investing in memory of.  The investment decisions your spouse used to make might not be the best ones for you now.  Don’t make the mistake of trying to honor their memory by following advice that may be harmful to your financial best interests in the long term.

Your California legal and financial planning experts are at your service; Contact us today.

Leave a Comment

Your comment

You can use these tags: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>

Please note: Comment moderation is enabled and may delay your comment. There is no need to resubmit your comment.