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Help a Bereft Loved One Get Their Finances in Order

- Wednesday, July 18, 2018
Help a Bereft Loved One Get Their Finances in Order

From time to time, I come across an article that I think would be beneficial to my audience. Lucille Rosetti runs the web-site She has graciously allowed me to repost her article on my site. has great information about dealing with the loss of a loved one and I highly recommend you check it out. Lucille can be reached at

Here Is The Full Article

Losing a husband or wife is one of the toughest times to get through in life, and they’ll need your emotional support to get through … and more. There are a variety of practical problems that they’ll have to navigate, not the least of which are financial. The truth is that money matters now more than ever, as the bereft will need enough to see them through this hardship and enjoy the days yet to come. Here are some things you can encourage.

Taking Some Time

It’s best to wait before making any major financial decisions following the death of a loved one. How long? An expert with wellness website Verywell Mind proposes six months as the absolute minimum. Any fewer would not give the bereaved the proper time to recover from all the stress that they’re dealing with, and now is no time to be dealing with complex issues such as buying a new home.

Being Cautious

It’s an ugly world, and that is no more apparent than when it comes to financial abuse of the elderly, with the bereft being among the easiest prey. According to statistics cited by Forbes, seniors lose a total of $2.9 billion every year in the United States to a variety of investment and insurance scams. To make sure your loved one doesn’t become a victim, insist on doing your own due diligence before they sign on any dotted lines that involve a transfer of funds.

Dealing With Debt

This may come as a shock, but your grieving loved one may be liable to pay off outstanding credit on behalf of the departed if they held a joint bank account. In fact, creditors may come after the debt even in cases where the bereft is not legally obligated to pay off anything. It’s worth looking into what money is owed to whom and whether or not they have to pay up. When in doubt, talk to a lawyer.

Stopping Excessive Giving

It’s hard to tell the bereft to stop, but sometimes, it’s necessary if they’re making excessive gifts to their children or even charities. This happens a lot more than people suspect and can quickly spiral out of control and lead to depleted savings, especially if the person in question suffers from dementia or another age-related mental illness. It may be hard to convince them to stop completely, but offer to help them find causes that are truly worth their cash.

Examining Personal Finances

As much as they may resist, the bereft will have to go through their own finances with a fine-toothed comb and a second opinion on income and expenditures. That’s where you come in, as they may not be aware of how much they are spending on items like food, medication and health care if the deceased was handling payments. It’s up to you to come up with a financial plan that allows for a lifestyle they can afford without going further into debt.

Selling the House

It may be necessary to sell the house to get enough money to enjoy a reasonable quality of life, particularly if extensive medical care is involved. If you decide to go this route, then getting the maximum value for the property is paramount. Do your own research into the value of the house based on others like it on the local market before talking to a real estate agent who’s informed about the reasons for the sale. Also, consider staging the home to get a better price for it.

It’s going to take a lot of effort on your part and patience on the part of your loved one, but in the end, they’ll be able to live the rest of their years in peace and security with the level of care that they require. That should put your mind at ease as you enjoy your time together.

Image via Pixabay.

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Bruce Simmons
I absolutely love what I do - working with senior homeowners to help them live a more comfortable, flexible and secure retirement. I have the absolute best customers in the world, and even though I worked in the forward mortgage business for a number of years, I could never go back to doing conventional loans. I'm a 100% reverse mortgage specialist.



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Colorado Reverse Mortgage Guide.

Get this 28 page Consumer Guide packed with all the facts you need to make an informed decision to see if a reverse mortgage is right for you.

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Bruce Simmons Reverse Mortgage Specialist

American Liberty Mortgage, Inc.
Bruce E. Simmons, CRMP
Reverse Mortgage Manager
NMLS #409914

1932 W 33rd Ave
Denver, CO 80211

Direct: (303) 467-7821
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