Dealing With Death: The Financial Viewpoint Explained

| August 1, 2016 | 0 Comments

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Death is an inevitability for all, and most of us will lose a close relative at some stage. It’s easily one of the hardest moments in anybody’s life, and we’re all affected differently by family bereavements. However, the financial implications will touch everyone.

Losing a family member will change your household finances in various ways. Most obviously, the loss of a salary will inevitably make life a lot tougher. This is why, now more than ever, you need to be organised. You’ll need time to grieve, as well as acclimatise to the change, which is why you may require time off. This bereavement and compassionate leave guide should provide all the legal information you need. One way or the other, you need time to prepare.

Planning the funeral is an immediate expense that needs to be considered. You want to give the dearly departed the send off they deserve, and you should. It won’t bring them back, but celebrating their life in a positive manner will help you come to terms with the loss. If friends and family wish to contribute, you should let them. Because your finances could be stretched over the coming months.

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After gaining the death certificate and other legal paperwork, you need to ensure that accounts are transferred to your name. Whether it’s changing household bills or cancelling gym memberships, taking care of this process has to be at the top of your agenda. Otherwise, the fallout could impact you for months.

Apart from changing bills over, you should notify the council and other governing bodies. Having one less member in the household will lower certain tax payments. Quite frankly, those reduced expenses could be vital at this time. Meanwhile, things like your internet usage will now decrease. Therefore, cutting down on those packages can also help reduce the overall monthly overheads.

You may find yourself needing to make financial sacrifices. This could include downsizing property or remortgaging. Alternatively, you may find that taking on a lodger works wonders. Not only will it provide an extra source of income, but it may also help fill some of the loneliness. Just be sure that you’ve found the right person and declared this form of income.

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It’s also worth noting that you may be due some form of financial benefit following the death of your loved one. It’s always worth speaking to an advisor about these possibilities. More importantly, if the death came due to the negligence of somebody else, you should fight for financial justice. Again, it won’t bring back your loved one. However, removing some of the financial stress will make life feel a little brighter. Besides, the departed wouldn’t want to see you suffering unnecessarily.

In truth, finances aren’t your biggest worry right now. You should focus on the emotions of your surviving family, including yourself. Nevertheless, the sooner you attend financial issues, the sooner you’ll overcome those difficulties. This chapter of your life is one of major transition. Do not let financial complications make the journey any bumpier.

Category: Personal Finance

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