Financial planning for widowhood is one of those subjects most people don’t want to think about.

But life can be unpredictable and taking control of your financial future—now, not later—is a must. The last thing you want to deal with during your time of grief are the legal and financial consequences of losing your spouse.

At Blair Capital Management, our services are designed to leverage our unparalleled knowledge and experience to help you optimize your financial circumstances during all stages of life. Let’s take a look at the most common things my widowed clients wish they had in place before the unexpected happened.

Create a Trust

One of the most important widowhood preparedness tasks is making sure you have a trust in place. You can have both a will and a trust, but a will can only be used after death, a trust can be used both during a lifetime and after one’s passing.

To manage the distribution of your assets both now and in the future, if you and your spouse do not already have one, think about creating a trust. Without a trust, not only does the inheritance process take longer, the details of who gets what can get complicated.

Know What You’re Owed

Another crucial aspect of financial planning for widowhood is understanding what you’re owed. Annuities, life insurance, pensions, Social Security, and other help should all be evaluated in advance to avoid having to make tough financial decisions immediately following a loss.

There might be additional employer-sponsored financial help available to you if your spouse is still working. Make a list of everything that’s available in the event of widowhood, and go over the list together so you’re both aware of what’s required to obtain these resources.

Have Access to Financial Accounts

Keeping track of multiple digital account logins is no small task. If your spouse is in charge of the day-to-day financial affairs and the keeper of digital account access, now is a good time to learn how to log in to all the essential financial accounts. At the very least, you should be able to obtain the account numbers and any login credentials you might need.

The way the accounts are titled (individual or joint) and the beneficiary designation is also important information. Joint ownership and mutual beneficiary designation of all accounts is preferable because it allows you to avoid probate and facilitate a smooth transfer of assets.

Additionally, remember that a birth certificate and/or marriage certificate (even if you’re divorced) may be needed in certain situations to settle an estate. Make sure you know where they are.

Put a Spending Plan in Place

Having a detailed spending plan is an important foundation for an easier transition to life after widowhood. If you don’t already have a budget, start making one now. You and your partner can talk about what kinds of costs can be added to or subtracted from the budget in the event of widowhood. While it might be difficult or feel awkward to talk about it at first, keep going because this can be a wonderful tool for planning your future.

Pay particular attention to debts like car payments, credit card debit, mortgage payments, and monthly utilities. It’s vital for you to understand how these debts have been handled in the past and how you want to handle them in the event of widowhood. Planning ahead can help alleviate any spending debt that’s left behind.

Partner With a Trusted Advisor

Losing a spouse is challenging, to say the least. A strong support system can give you the strength to move forward during your darkest days. A reliable financial advisor should be part of that support system.

If you’re already working with a financial advisor you’re comfortable with, that’s great news. If you’re looking to hire one, take your time getting to know them. Interview as many financial professionals as needed before selecting the one you trust the most. Having a knowledgeable and experienced financial advisor in your corner once you’re on your own can offer a great deal of confidence.

Reach Out

Financial planning for widowhood can get complicated. At Blair Capital Management, we can help you and your spouse navigate the difficult decisions associated with the possibility of widowhood. We can assist with any financial matter that’s standing in the way of your creation of a solid financial foundation.

You can contact us by calling (914) 413-9904 or emailing 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 at the 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.

The views expressed in this commentary are subject to change based on market and other conditions. These documents may contain certain statements that may be deemed forward-looking statements. Please note that any such statements are not guarantees of any future performance and actual results or developments may differ materially from those projected. Any projections, market outlooks, or estimates are based upon certain assumptions and should not be construed as indicative of actual events that will occur.

For additional information, please visit our website at http://www.blaircapitalmgt.com