Financial Planning After Loss: Taking Care of Practical Matters

Losing a loved one is a devastating experience, and dealing with practical matters like finances can feel overwhelming. But taking care of these tasks is an important part of the grieving process and can help you move forward.

What to Do First

• Register the death: Inform the relevant government agencies, banks, and other institutions.
• Gather important documents: Locate the will, life insurance policies, bank statements, and other financial records.
• Deal with the funeral: Arrange the funeral and pay any associated expenses.
• Notify creditors: Inform any creditors, such as mortgage companies or utility providers, of the death.

Financial Considerations

• Claiming benefits: You might be entitled to certain benefits, such as a bereavement payment or widow's pension.
• Probate: This is the legal process of distributing the estate according to the will.
• Inheritance tax: Depending on the size of the estate, inheritance tax may be payable.
• Financial review: Assess your own financial situation and make any necessary adjustments.

We Can Help

At Town Close Financial Planning, we can guide you through the financial complexities of bereavement. We'll help you understand your options, deal with paperwork, and create a plan for your financial future.

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