Top image: At a creative aging (Bharatanatyam session) with older adults at STAR Senior Center as part of the SU-CASA teaching artist residency.
Photo credit: Stephany Cruz
Photo credit: Stephany Cruz
Guiding Your Senior Loved One Through Financial Decisions if They’ve Lost a Spouse
- by Teresa Greenhill
- by Teresa Greenhill
About the author:
Teresa Greenhill is the co-creator of MentalHealthforSeniors.com, which is dedicated to providing seniors with information on physical and mental fitness. Being a senior herself, Teresa, with some help from her granddaughter, manages the website as a way to keep herself busy and help other seniors be active and happy in their golden years.
Teresa Greenhill is the co-creator of MentalHealthforSeniors.com, which is dedicated to providing seniors with information on physical and mental fitness. Being a senior herself, Teresa, with some help from her granddaughter, manages the website as a way to keep herself busy and help other seniors be active and happy in their golden years.
Caregiving (Photo via Pexels)
If you have a senior loved one in your life, there’s a good chance that you’ll talk them through the loss of a spouse. Helping someone process the pain of losing their spouse requires a high level of sensitivity and patience, and your senior loved one might ask you for advice on handling their spouse’s passing. With the resources shared below, you can give your senior family member the support they need.
Managing Property: After the death of a spouse, many seniors are unsure of where to live. Some may want to hold on to their home, but others might be wondering if they should move out and downsize in order to free up cash for funeral expenses. If your senior loved one brings up this concern to you, it’s okay to offer a little advice, even if this isn’t your area of expertise. Explain that it’s a good idea to run the numbers and find out how much they could actually profit before putting their home on the market. You can also recommend any good realtors you know.
Another area that can be a source of stress and anxiety is deciding what to do with a departed loved one’s business. Closing or selling the business has several important steps, including getting a full account of the business’s existing debts and gathering all the required paperwork. From there, the steps may vary slightly, depending on the business structure.
Work Out Payment Plans: Many seniors are concerned about how to pay for their spouses’ funerals. You can work with them to set up payment plans. Not all funeral homes offer payment plan options, but doing so can make it easier for your individuals to handle funeral costs. You can also work with the funeral home to break up payments in order to ease the financial burden.
Give Referrals: A senior who has just lost their spouse is trying to tackle a long to-do list packed with financial and logistical tasks through the fog of grief. This can be particularly difficult for seniors if they rarely handled financial tasks in their household. You can help by giving your senior loved one referrals to top-notch legal and financial advisors. AgingCare.com points out that you should recommend advisors who hold a Certified Financial Planner designation.
Offer Consolation: For seniors who are emotionally crushed, grief can be a debilitating feeling. Being able to provide them with a sense of temporary comfort is key. You will need to be ready to soothe your senior loved one who is under an immense amount of stress. For example, you can talk to them about which special details they would like to include to honor their loved one’s memory.
Furthermore, you can also help them connect with appropriate local grief groups. It’s a good idea to research grief support groups for seniors who have lost their spouses. That way, they can connect with people who have walked in their shoes. You may want to keep an up-to-date list of relevant grief support groups at the ready. Finding people to lean on can help prevent seniors from making risky financial decisions in the wake of a loss.
Help With Paperwork: In the aftermath of a loved one’s passing, seniors can end up scrambling to get all of the necessary paperwork together. You should be prepared to answer questions about which documents your clients will need. US Urns Online states that after a family member dies, their relatives will need their asset information, estate planning documents, tax returns, death certificates, bills, and any important contracts or closely-held business documents.
Help Them Find a New Home: The process of downsizing can be an emotional and difficult time for your senior loved one. They may be reluctant to part with belongings that have been accumulated over a lifetime. However, downsizing into a rental property can provide many benefits. It can reduce the amount of time spent on maintenance and upkeep, free up cash that can be used for other purposes, and allow your loved one to live in a more manageable space. The easiest way to find them a suitable rental is to explore online listings. To narrow down possible living spaces, filter by cost, home type, number of bedrooms, and more.
When you assist your senior loved one navigate these difficult times, you’re often helping them through the most difficult days of their lives. Seniors need substantial support in order to move on after the loss of a spouse. By going the extra mile and taking steps like selling their spouse’s business and finding them a new home, you can help your senior navigate this trying chapter.
Managing Property: After the death of a spouse, many seniors are unsure of where to live. Some may want to hold on to their home, but others might be wondering if they should move out and downsize in order to free up cash for funeral expenses. If your senior loved one brings up this concern to you, it’s okay to offer a little advice, even if this isn’t your area of expertise. Explain that it’s a good idea to run the numbers and find out how much they could actually profit before putting their home on the market. You can also recommend any good realtors you know.
Another area that can be a source of stress and anxiety is deciding what to do with a departed loved one’s business. Closing or selling the business has several important steps, including getting a full account of the business’s existing debts and gathering all the required paperwork. From there, the steps may vary slightly, depending on the business structure.
Work Out Payment Plans: Many seniors are concerned about how to pay for their spouses’ funerals. You can work with them to set up payment plans. Not all funeral homes offer payment plan options, but doing so can make it easier for your individuals to handle funeral costs. You can also work with the funeral home to break up payments in order to ease the financial burden.
Give Referrals: A senior who has just lost their spouse is trying to tackle a long to-do list packed with financial and logistical tasks through the fog of grief. This can be particularly difficult for seniors if they rarely handled financial tasks in their household. You can help by giving your senior loved one referrals to top-notch legal and financial advisors. AgingCare.com points out that you should recommend advisors who hold a Certified Financial Planner designation.
Offer Consolation: For seniors who are emotionally crushed, grief can be a debilitating feeling. Being able to provide them with a sense of temporary comfort is key. You will need to be ready to soothe your senior loved one who is under an immense amount of stress. For example, you can talk to them about which special details they would like to include to honor their loved one’s memory.
Furthermore, you can also help them connect with appropriate local grief groups. It’s a good idea to research grief support groups for seniors who have lost their spouses. That way, they can connect with people who have walked in their shoes. You may want to keep an up-to-date list of relevant grief support groups at the ready. Finding people to lean on can help prevent seniors from making risky financial decisions in the wake of a loss.
Help With Paperwork: In the aftermath of a loved one’s passing, seniors can end up scrambling to get all of the necessary paperwork together. You should be prepared to answer questions about which documents your clients will need. US Urns Online states that after a family member dies, their relatives will need their asset information, estate planning documents, tax returns, death certificates, bills, and any important contracts or closely-held business documents.
Help Them Find a New Home: The process of downsizing can be an emotional and difficult time for your senior loved one. They may be reluctant to part with belongings that have been accumulated over a lifetime. However, downsizing into a rental property can provide many benefits. It can reduce the amount of time spent on maintenance and upkeep, free up cash that can be used for other purposes, and allow your loved one to live in a more manageable space. The easiest way to find them a suitable rental is to explore online listings. To narrow down possible living spaces, filter by cost, home type, number of bedrooms, and more.
When you assist your senior loved one navigate these difficult times, you’re often helping them through the most difficult days of their lives. Seniors need substantial support in order to move on after the loss of a spouse. By going the extra mile and taking steps like selling their spouse’s business and finding them a new home, you can help your senior navigate this trying chapter.