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The Ugly Truth: The Financial Side Of Loss.

July 6, 2018 by  
Filed under Business, Money, Opinion, Weekly Columns

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(ThySistas.comExperiencing the loss of a loved one is emotionally and spiritually devastating, and it can take a long time to rebuild after life as you know it seems to come crashing down. However, one element of grief that we don’t like to talk about as it can make us seem shallow or materialistic is the financial aspect of it. However, if you lose a parent, family member, or spouse, being unprepared for that financial impact can have huge impacts that you could be recovering from years into the future. Here are some of the issues we need to have a frank and open conversation about.

The immediate costs

Naturally, the first costs you might think of when a loved one has passed is the most immediate. You won’t be given much time to grieve at all before you have to start arranging the funeral and the plot and, unfortunately, those don’t come for free. There are guides that can help you quickly put together a budget, but the best step to take is well in advance. If you and the people you love don’t yet have life insurance, now is the time to consider it. The sooner you start contributing, the lower the costs will be. Life insurance payouts can be a huge relief to those whose grief is still fresh, rather than saddling them down with the burden of paying for all the necessary services.

Navigating the will

One of the least pleasant experiences after losing a loved one, specifically a parent or another older relative, is navigating the estate or the will. It is not uncommon that this can lead to bickering and even serious conflicts between family members. The grief can make it even more of an emotional minefield. It might be wise to arrange for legal arbitration if people can’t seem to come to an agreement over a will. Arbitration is less conflict-based way to resolve legal disputes, rather than taking it to the courts. Of course, preparing a last will and testament in advance is still the best way to pre-empt those disputes in the first place.

The question of compensation

Losing a loved one is never fair. However, when it’s sudden, unjust, and someone is clearly responsible for that loss, looking at the possibility of legal action and compensation can help you not only recoup some of the financial losses you will suffer in future. It can also provide some measure of closure and justice for your loved one and your family. From wrongful death suits to aviation lawyers, there is help and advice you can get in coping with unjust losses of all kinds. It is well worth considering whether or not you could be entitled to the compensation you need to make it through this particularly troubled time in life.

Coping with loss and less

Many people, the widows of spouses, in particular, deal with the loss of a loved one without realizing that there may some help on hand to continue providing for them in future. If you are recently bereaved, it is worth looking into social security survivor benefits. The benefits that your loved one paid into don’t simply disappear, they can help you long into the future. This applies not just to social security, but to their retirement funds as well. That money can be left sitting lost and unused for decades, so it’s worth looking into whether you are able to claim it. Otherwise, women especially can be left widowed and without any source of income all at once.

Dealing with troubled waters

Let’s not neglect the fact that many people who find themselves suddenly coping with the loss of a loved one may already be struggling with financial issues. If you are in debt or at risk of debt, then that loss can make your issues all the worse. These money management tips can help you get organized and get on track, from negotiating with creditors to budgeting your way out of debt. With one less person to help contribute to the fight, it can be harder, but it is essential you make those plans. Otherwise, the financial stress will make the pain of losing a loved one only harder to deal with.

Loss is never easy, but the financial burdens that often accompany it can only add to the stress and anxiety you’re bound to be feeling throughout the experience. A little foresight can help you get those concerns out of the way so that you can focus on your emotional and spiritual recovery instead.

Staff Writer; Lisa Brown

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