Loss of a Loved One

Experiencing the loss of a loved one can be difficult. Whether it is a significant other, family member or friend, now is the time for resolve and clear headed decision-making because unfortunately, when a loved one passes away, there are always financial issues to deal with.

Identify Needs
There are many financial needs to think about when a loved one passes away, from will and probate issues, to funeral or burial arrangements. There are also issues with insurance, property and assets.

But before you do anything, take some time to gather yourself. In such an emotional time, it's overwhelming to think about all these situations. But with a little support and the proper plan, your family, friends and advisers will help you get through it.

The Big Picture
First, make sure you have all the necessary paperwork in place. Gather the will, bank and insurance statements, marriage license, birth certificate, tax returns, title to property, Social Security card and any other pertinent information. These documents will help you answer questions and provide the proof you'll need for making immediate arrangements.

Next, it's time to think about you. You may need to establish a budget due to a likely change in income and expenses and make sure you have an emergency fund in place. When thinking longer-term, you may consider investing left over funds from the estate or starting a college savings plan for any dependents. Or, if you are unsure, you can place the money in a lower risk investment, such as a certificate of deposit, to earn some interest until you are ready to determine your next step.

Get Started
When enduring the loss of a loved one, it's important to think of your own future. As difficult as it may be, it's important that you ensure that you're saving for both the short- and long-term. Learn more about how Edward Jones can help in this time of need. Then contact your local Edward Jones financial advisor, who will be happy to help you identify and prioritize your financial goals and track your progress toward achieving them.