What To Do When Your Partner Suddenly Dies
Coming to terms with the grief of suddenly losing your partner is difficult to deal with. It is also a time when there are a number of things that need to be done to keep your finances in order. Along with funeral arrangements, the following practical considerations need to be made in the event of your partners passing.
DELEGATE THE DIFFICULT STUFF
There are a number of things you may want guidance on when it comes to settling your partner’s affairs. Work with your financial planner and legal team to guide you through the inevitable paperwork and financial loose ends that will arise. As this is a time you will be processing your grief, building a team around you to help with the stress is always helpful.
CONTACT YOUR BANK
You will still be able to access any joint accounts you held. However, if your partner had their own account/s, you will need to notify the bank so that an account in the name of the estate can be created for the executors to access.
LIFE INSURANCE
If you are the beneficiary of your partner’s life insurance, you will need to make a claim. The life insurance company will request a death certificate as well as any other relevant documentation to validate your claim. It will typically take at least thirty days for the company to pay the claim once all relevant material has been received.
REVIEW YOUR WILL AND POWER OF ATTORNEY
In the unexpected event that something may happen to you in the future, it is important that you have revised your own will and power of attorney if your partner was your executor.
REVIEW YOUR ASSETS
This part can be difficult to navigate and it is a good opportunity to engage your financial planner for advice. As your needs have changed, your asset portfolio may need to be altered to reflect your circumstances. Your financial planner will be able to guide you through this. You also may need guidance as to how to best utilise your partner’s life insurance as well as transferring the ownership of some of your assets so that you are the sole owner.