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Be a Hero for Your Spouse

Estate Planning Investment Planning Tax Planning Retirement Planning Financial Planning Widows

Hiring a financial advisor to help your spouse in case you die before them is a prudent and responsible step to take in order to ensure their financial well-being and security. 

Here are some important considerations and steps to follow:

  1. Discuss Your Intentions: Start by having an open and honest conversation with your spouse about your intentions. Explain why you think it's important to hire a financial advisor and how it can benefit them in the event of your passing.
  2. Select a Qualified Financial Advisor: Look for a reputable and experienced financial advisor who specializes in areas such as estate planning, investment management, tax planning, and retirement planning. You can search for advisors through referrals from friend and family or use online resources such as www.NAPFA.org or www.acplanners.org  to find qualified professionals.
  3. Meet with the Advisor Together: Arrange for a meeting with the financial advisor and attend it together with your spouse. This initial meeting will allow your spouse to get to know the advisor and discuss their financial goals and concerns. Make sure your spouse is comfortable with the advisor and they engage them in the conversation.
  4. Share Financial Information: Make sure your spouse shares all relevant financial information with the advisor, including details about bank accounts, investments, retirement accounts, insurance policies, debts, and any other assets or liabilities.
  5. Review and Update Documents: Work with the advisor to review and update important financial documents, including wills, trusts, beneficiary designations, and power of attorney documents. Ensure that your spouse understands these documents and knows where to find them.
  6. Create a Comprehensive Financial Plan: The financial advisor should work with your spouse to create a comprehensive financial plan that outlines their financial goals, investment strategies, retirement planning, and estate planning. This plan should be tailored to your spouse's specific needs, beliefs, and circumstances.
  7. Regularly Review and Update: Encourage your spouse to meet with the financial advisor on a regular basis to review and update their financial plan as needed. Life circumstances and financial goals can change over time, so it's essential to keep the plan current.
  8. Emergency Fund: Make sure your spouse has access to an emergency fund to cover immediate expenses in case of your unexpected passing. This fund should be easily accessible and cover essential living expenses for several months.
  9. Educate Your Spouse: Ensure that your spouse is educated and informed about financial matters. This will empower them to make informed decisions and manage their finances effectively.
  10. Provide Access to Accounts: Make sure your spouse has access to important financial accounts, including online banking, investment accounts, and safe deposit boxes. Maintain a list of account numbers, passwords, and contact information for financial institutions.
  11. Legal and Estate Planning: Consult with an attorney to ensure that all legal and estate planning documents are in order. This includes wills, trusts, and any other legal arrangements that pertain to your assets and estate.

By taking these steps and proactively involving a financial advisor, you can help ensure that your spouse is well-prepared to manage their finances and make informed decisions in the unfortunate event of your passing. It's a responsible and caring gesture that can provide peace of mind for both you and your spouse.

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