If you’re widowed…

This is a very sad and emotional time. Finding the right opportunity to address the financial side of things when you are going through, or have been through an incredibly difficult time, is hard.

At some stage in life, a woman will be solely responsible for the financial decisions of the household. – Don Connolly

This can happen due to outliving their spouse, remaining single, or through divorce.

Where To From Here?

The first issue I think is where do you go? What do you need to know? Who do you trust?
Hopefully you can find On Your Own Two Feet a safe and trusted contact for you.

What Are Some Of The Issues?

• Are you entitled to financial assistance through a life insurance claim?
• Are you the beneficiary of the superannuation fund?
• Who is handling the will? Is there an inheritance/assets for you?
• Do you have financially dependent children?
• Do you have family support?
• How much do you need to survive on?
• Are there outstanding debts?
• Are you working? Do you need to work for financial reasons? Can you survive on your income alone?
• What are your new goals?
• Are you entitled to Centrelink benefits?
• Did you own assets jointly with your deceased spouse?

You will need advice on the tax consequences of the transfer of those assets.
It may be more tax effective to keep certain assets and to sell certain assets.

• Are you currently working and have your own income?
• How are you affected by the loss of your spouse financially?
• Was your deceased spouse working when he/she passed away?
• Are there entitlements from his/her employment that are owing to you and do you know how these entitlements are taxed?
• Did you have a business together or were you employed by your deceased spouse?
• Should you sell the business or keep it? What is the tax effect?
• Have you thought about your estate planning and the use of testamentary trusts for your children?

Who can answer my other questions?

There is a lot of information out there, but you need guidance specific to you and your family’s circumstances. Seek advice from professionals who are sensitive to your situation. I can help you and your family so please feel welcome to get in touch.