Facing the Financial Impact of Losing a Loved One

by - 9/10/2018 09:52:00 PM

The death of a loved one is always a devastating event to deal with. When it's someone who contributed to your family financially, you also have the added complication of money to deal with. You could be left struggling to deal with debt or a budget that's suddenly much smaller than it once was. If you're trying to juggle financial issues after the passing of a loved one, it makes everything feel a lot harder. But you need to work out what your next steps are going to be if you want to start putting together your financial future

Check Life Insurance and Pension Policies
One of the first things that you might want to check is whether you will receive any kind of benefits, compensation or support. Did your loved one have a life insurance policy that you can make a claim on? Perhaps you are entitled to social security benefits or a pension. If you're owed money like this, you don't want to ignore it or forget about it. Sometimes, the process to get what you're owed can take a while, so it's worth taking action as soon as you can. Find out what you could be entitled to and how you can get it.

Consider Pursuing Damages
In cases of wrongful death, you could be entitled to compensation from the person or organization that caused it. This could include workplace accidents, medical negligence, and several other situations. If you think your loved one's death could have been preventable and was due to someone else's negligence, you should speak to a wrongful death lawyer. They can give you advice on whether you might have a case and help you get started with building one. You could be entitled to damages that cover things like lost wages and medical expenses, and even mental anguish.

Deal with Any Debts
Some debts won't be yours to deal with when a loved one passes away. However, there are others that you might be left paying off. Debts might be paid from a person's estate when they die, or jointly held debts could be left to the surviving person to take care of. It's important to turn your attention to any debts that you might have to pay so that you don't end up overwhelmed by them. You need to make paying them a priority and get in touch with any lenders to let them know the situation if necessary.

Create a New Budget
If your loved one's death has meant a significant change in your household income, you need to think about how to adjust your budget. You have less money coming in each month, so you should have less going out. First, take a look at your essential expenses, including housing, utilities, and food. It's important to prioritize these things and perhaps think about how to reduce them if necessary. You might need to consider how to boost your income if you can't cut your expenses.

The financial impact of losing a loved one can be significant. Make sure you have the support and advice that you need.

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