Death in the Family

When a loved one is taken from us the emotional turmoil can be hard to deal with. You remember the good times, the bad, the fun you had, but also the heartache.

 At a time when you are struggling to deal with complex and mixed emotions, the last thing you want to be concerned about are your finances. Unfortunately, financial concerns often do add to what is already an immensely difficult time. Issues such as:

• whether or not the deceased had a valid will? And whether your family knows where it is kept;

• how are the deceased’s assets have been dividend amongst the family and loved ones;

• whether dependents are still financially secure;

• covering funeral costs; and

• capital gains tax implications.

Often we begin to discover that not everything was quite how the deceased would have hoped it would be. And we often discover that our own estate could potentially be subject to similar difficulties.

How can a Financial Adviser help?

Coping with losing someone you care about is difficult enough. You don’t want to be burdened with additional financial pressures.

Your financial planner can help you to:

• work out how to effectively invest inheritances to ensure dependents are taken care of;

• help you sort out issues concerning acquisition and tax effective investment of the deceased’s superannuation death benefit;

• establish new budgets for remaining dependents to help them adjust to their changed financial situation.

Where appropriate, you will need to arrange specialist advice from an accountant, solicitor or a trustee.

For more information on how a financial planner can assist you, simply select one of the areas below:

• budgeting and savings services;

• investment services;

• estate planning; and

• debt management.

Of course, the only effective financial advice is based on a personal assessment of your unique circumstances and objectives. For an analysis of the best solutions to meet your needs, contact your financial planner.