Working through loss is draining, both physically and emotionally. And while it’s hard to imagine how you might handle the passing of a loved one or another unexpected loss, it can bring some comfort to have provisions in place that’ll protect you or your loved ones when these hard times come along.
An important aspect for working through troubling times is surrounding yourself with a community that will offer support and a helping hand. Your financial advisor can be an invaluable part of this team.
From helping you work through important paperwork to ensuring that you have all of your ducks in a row when it comes to making adjustments to your own legacy planning, your financial advisor can play a critical role in helping you stay on track in the aftermath of a personal loss. And when you can trust your advisor to help you with the details, you have the confidence to work through everything else that comes along with this life event.
Here are some of the roles that your financial advisor may play after a loss:
A Balancing Voice
Dealing with grief is different for every individual. After a loss, you may not have the desire or expertise to work through some of the necessary paperwork and decisions that now fall to you. Your financial advisor can provide a welcome balance to your internal feelings and can help you work through the required steps without getting mired down in emotion or indecision.
If you’re newly handling joint finances on your own, your advisor can provide professional guidance in working through the decisions that you now face. Your advisor can also help you to prioritize decisions to give you clarity on which issues must be handled immediately and which can wait until a later time.
You may be tempted to jump into making financial decisions by the dozen in the weeks and months following a loss, but if these decisions are emotionally motivated, they could be dangerous for your financial future. When you work with a trusted advisor, they can give you the balanced guidance you need to keep emotional thinking at bay and work through your issues holistically, with your entire lifestyle and values-system in mind.
A Helping Hand
Often after loss, there are mountains of papers to be signed and letters to be sent. Sometimes this work can seem daunting, even to the most ambitious family member.
If you find yourself dealing with more paperwork than you can handle, talk to your financial advisor about whether they can help you sort through some of your financial paperwork to ensure that nothing is missed. With this task off of your plate, you can focus on other details and not worry whether you’re going to overlook an important document to file in the meantime.
A Trusted Guide
After loss, your financial status is likely to change to some degree. Whether you’re dealing with a change in income and expenses or want to adjust your retirement goals, you will want to have an in-depth discussion with your financial advisor regarding your financial status as you move forward.
Your advisor will know the right questions to ask in order to help you sort through which changes you’ll need to make to your financial strategy. They can also help you to determine how your new status will impact your current holdings and provide advice on how to avoid tax penalties and other unwelcome impacts.
Part of your financial advisor’s job is to help you work through life changes as they happen, and your advisor has likely worked with plenty of other clients in a similar situation to yours. They are familiar with the territory and can provide counsel on which steps you need to take in order for you to articulate and work toward your new financial future.
Important Steps to Take Today
Of course, it’s the relationship you build with your financial advisor during the good times that allows them to compassionately help you work through loss and other life events. You want your financial advisor to be someone that you can trust to look out for your best interest in the aftermath of loss.
In order to establish that relationship, you need to have deep conversations with your advisor about concerns regarding your estate planning and long-term wealth goals.
Here are some things to do in the short-term to help you establish confidence and a solid ongoing relationship with your financial advisor:
Work through Estate Planning Documents
When it comes to confidence in the aftermath of loss, you may be motivated to work through through as much of your own estate planning process as possible if you haven’t done so already. Your financial advisor can provide you with the documents you need to prepare your assets and can also provide valuable feedback as you work through the planning process.
The earlier you start your estate planning, the more time you have to ensure that all of your documents are in place and to make adjustments as you go along. Since your future plans tie into your overall financial planning journey, it only makes sense to talk about how they impact one another and to make plans for your asset allocation in the event of you or your spouse’s passing.
Work with an Advisor who Cultivates an Atmosphere of Openness
Ideally, your financial advisor is a person who you trust and who has already helped you work through certain financial planning decisions. But if they’re not, or you don’t have a financial advisor that you feel you can trust, perhaps it’s time to find someone that you feel comfortable working with in both the good times and the bad.
Your advisor should work with you to determine your financial goals and provide helpful, reasonable recommendations that balance your values and ideals. At Puckett & Sturgill Financial Group, we believe that all of our clients deserve personalized service that is built on a relationship of mutual trust.
If you’d like to learn more about how working with a trusted financial advisor can pave the way for your future confidence, contact us to schedule a discovery meeting with one of our Certified Financial Planners!