Money Matters? What To Do To Avoid Survivor Squabbles
by Yvonne Ortega
Money matters after the death of a loved one can tear survivors apart and devastate your finances. What can you do in money matters to avoid survivor squabbles and financial chaos? Know whose name is on the assets. Do not assume it is the surviving spouse.
One woman thought her name was on the deed to the home and that they had home mortgage insurance. When her husband died, she discovered it wasn’t, nor did he have that insurance.
Find out while your spouse is alive. Hire an attorney and do everything to plan for the unexpected. Retain legal copies of all assets and know where they are. You will miss your loved one, but you will feel the comfort of good planning in money matters.
When it comes to bank accounts, have a list of all #accounts. If the names of both spouses aren’t on the accounts, the bank could freeze the accounts. Do you know whose name or names are on the accounts?
Imagine the shock a woman felt to find out her late husband had a secret affair and the name of the other woman was on some of his accounts.
My brother had durable power of attorney for medical care and #finances while Daddy was alive. He set up bill payments from Dad’s account through autopay.
When Dad died, my brother had to open a new account in his name and again set up bill payments on autopay.
Do you have a list of all assets and accounts? For online access, do you have the login name and password? What about the names and contact information of the accountant, bookkeeper, or tax service used each year and that of the lawyer and realtor? Do you know where copies of tax records are?
Without a list of all that information in safe keeping, you will experience more stress and headaches than any individual should endure. With it, you will at least feel the comfort of knowing what to do and where everything is.
What about loans and credit card debt? Once again, you need a list of all loans and credit card debt with names and contact information. It isn’t being nosey or controlling about money matters. It is wisdom and sound self-care.
Where is the will? What about life insurance? Please don’t be like the widow who found out after her young husband’s unexpected death that he had cancelled his life insurance policy six months before he died. She was left with three young children, a new home, and huge house payments.
What about antiques, musical instruments, paintings, family heirlooms, and the like? Does a plan exist for the distribution of them? If so, where is it? Please don’t assume you’ll have advance notice of your loved one’s death or of your own.
After the fact, it is a nightmare that leads to survivor squabbles and possible financial chaos. Do the hard work in money matters before it’s too late.
Proverbs 14:23: “All hard work brings a profit, but mere talk leads only to poverty.”
Prayer: God, help me ask the difficult questions before it’s too late. Help me set plans in place to help my survivors. Amen.
Application: What day this week will you work on your lists and plans?
Copyright © by Yvonne Ortega VIII.VI.MMXVII
