Helping all sorts of people attain financial stability is very important to me. For me, though, the cause of empowering women to take control of their finances is of personal importance.

My father passed away when I was a small boy. It was a very different time than now—financial information wasn’t nearly as easily obtainable. When my father died, my mother was in the dark about our family finances and received bad suggestions from questionable financial advisors.

That experience inspired me to make financial literacy and stability attainable for everyone. My history with my mother has focused my attention on women and getting them access to education and resources to make smart financial decisions. However, these are good suggestions for anyone who has lost a spouse or loved one and is now facing uncertain times.

Three basic principles of financial stability are helpful guideposts for the road ahead.

1. Plan for the Unexpected

Sudden life changes and unexpected difficulties can derail the most carefully considered budgets. It’s hard to think about those possibilities while still in the mourning process. But eventually necessity will dictate when it’s time to take over the budget.

Get all the access you can to your loved one’s financial statements, and outline their current assets, liabilities, and income streams. These include life insurance policies and wills; review all documentation to get a clear picture.

Many advisors—myself included—strongly recommend setting up an emergency fund through a savings account or trusted financial instrument. The fund should contain enough money to fund you and your surviving dependents for three to six months.

It’s not always easy for survivors to gather the information that has been left behind. A qualified financial advisor can help you demystify your financial profile.

2. Learn How to Assess Risk

Inheriting your loved one’s financial responsibilities may entail some investments or holdings you weren’t aware of, such as unknown investment accounts, holdings, debts, credit status, and other factors. Each one is associated with a different level of risk. To someone reviewing the finances for the first time, some of the risks are easy to define. But it may not be clear with other, unfamiliar financial instruments.

This area is where financial education becomes paramount. One key aspect of my comprehensive wealth management service is to provide clients access to education geared toward financial stability. Risk management is a basic part of investment analysis and reaching that educational goal.

Much of analyzing risk is basic common sense, but it’s not always so cut and dried. Risk mitigation strategies like diversification, long-term planning, regular review, and asset allocation are ways investors limit their risk exposure. When you assume control of your loved one’s finances, you might find some of these details in need of attention.

Finding an empathetic, understanding financial advisor with direct experience in this kind of situation can help ease the burden.

3. Create a Financial Plan

The death of a spouse changes a family’s reality from top to bottom. It can also change the ambitions your family had while your spouse was alive. Financial stability may have always been their goal, but for the period immediately following your spouse’s departure, it may be the most important one.

In the immediate term, you need to gather all your spouse’s financial documentation—insurance policies, wills, financial statements, and so forth. If your spouse’s financial institution hasn’t heard of their death, it’s a good time to let them know. Research what kinds of benefits, like Social Security, your spouse was in line to receive.

Planning for financial stability involves prioritizing what’s most important. After looking over your financial status, determine your short-term needs. If your spouse had problems with debt management, you might consider paying off their high-interest debts first to stem extra interest charges.

Down the road, you can be more empowered to take on longer-range goals: your child’s college tuition, downscaling your home, and other plans.

4. Find Financial Stability With a Trusted Advisor

The immediate aftermath of a loved one’s death can make it hard to see things clearly. A qualified financial advisor—especially one who has personally faced some aspects of your situation—can bring a compassionate but objective outlook for finding financial stability. Personally, I consider it a privilege to guide people through these tough life stages as a partner in helping them make this challenging transition financially intact.

After 40-plus years helping people build a better financial future, I created Blair Capital Management to serve people across the country, from retirees and business owners to families, widows, and divorcees. To set up a consultation, call (914) 413-9904 or email johnblair@blaircapitalmgt.com.

About John

John Blair is President and Founder at Blair Capital Management, LLC, a Registered Investment Advisor (RIA) that endeavors to offer personalized service and customized investment solutions to individuals, trusts, and high-net-worth investors. After over 40 years of experience in the financial markets, John has had a front-row seat for every bull and bear market and wants to offer his experience, knowledge, and skills to individuals rather than institutions. With an unwavering dedication to acting as a fiduciary and a desire to build long-term, successful relationships, John helps his clients pursue their financial objectives. He cares deeply about safeguarding and growing their wealth, so they can focus on their lives—not their money. He strongly believes in a disciplined approach to investing with paramount importance placed on preservation of capital and measuring risk and reward through all circumstances.

John holds a bachelor’s degree in economics and master’s degree in business administration from the University of Southern California, and also completed graduate work in economics and philosophy. John and his wife of 45 years have four grown children and 13 grandchildren. In his spare time, he loves to read biographies and books about history and finance, and is a huge horse racing and football fan. John cheers for everything University of Southern California, and has been very involved in alumni affairs and mentoring students. 

Blair Capital Management LLC (Blair Capital) is a registered investment advisor. Advisory services are only offered to clients or prospective clients where Blair Capital and its representatives are properly licensed or exempt from licensure.

The information provided is for educational and informational purposes only and does not constitute investment advice and it should not be relied on as such. It should not be considered a solicitation to buy or an offer to sell a security. It does not take into account any investor’s particular investment objectives, strategies, tax status or investment horizon. You should consult your attorney or tax advisor.

All information has been obtained from sources believed to be reliable, but its accuracy is not guaranteed. There is no representation or warranty as to the current accuracy, reliability or completeness of, nor liability for, decisions based on such information and it should not be relied on as such.