Commentary by Joe Clark
While death is often unexpected, all of us will eventually pass. As families cope with the trials and tribulations of losing a loved one, two issues commonly arise. The first relates to the deceased’s wishes. Providing your family with written instructions regarding whom to contact, directions regarding financial matters and the type of arrangements you’d like in the event of your passing is critical to easing angst during a difficult time.
Sudden losses are especially emotional and it can be hard for families to know what action to take first. The first place to start is by notifying family and friends. Then, it’s time to plan the memorial service and final resting place. The notification process is easier for families when the deceased has prepared a contact list of who should be personally notified. When composing a list, try to include email addresses and phone numbers. Beyond contact information, it is helpful to write or even videotape your wishes for after your passing.
A second issue that commonly arises following a loss relates to finances. Many marriages and even businesses have one key financial player who holds the financial answers. Make certain that you and your spouse or partner understand where the assets are held, where the income is generated, what changes will arise if one of you passes and what liabilities exist. The more clarity you can achieve, the better off your survivor will be. Perhaps most importantly, advise your spouse who they should speak with in the event of your passing. We have close friends who manage their family finances and have introduced their spouses to people who can take the financial reins when they are no longer able or willing to do the job.
Those left behind are not only missing a friend and confidant, but they may find that their income source has been altered forever, resulting in difficult financial and lifestyle decisions. And while arrangements surrounding death pass quickly, financial decisions can be permanent. The better you can plan ahead, clarify and communicate your wishes, the more likely good decisions will be made.
Joseph Clark is a Certified Financial Planner and the Managing Partner of the Financial Enhancement Group, LLC an SEC registered Investment Advisor. He is the host of “Consider This” found on WQME Saturdays at 9 a.m. and a former Adjunct Assistant Professor at Purdue University, where he taught the capstone course for a degree in Financial Counseling and Planning. Securities offered through World Equity Group, Inc., member FINRA/SIPC, a broker dealer and SEC registered Investment Advisor. Advisory Services can be provided by Financial Enhancement Group (FEG) or World Equity Group. FEG and World Equity Group are separately owned and operated and are not affiliated. Big Joe can be reached at [email protected], or (765) 640-1524.
