If the other spouse handled the family finances and investments, the word “intimidating” comes to mind for many surviving spouses when trying to get a picture in their head of all these accounts, investments and other assets!
Adding to the complexity and confusion are the many types of accounts and registrations. This one is his Roth IRA and that bank account has something called a P-O-D on it. Is there any way I can simplify my financial situation?
The first step toward clarity is taking inventory of assets, accounts and liabilities. The next step is literally drawing a picture of your assets, accounts and liabilities. A picture is so much easier to work with! Use it to come up with your simplification plan. Why have a dozen accounts when you really only need three or four!
To help build a picture of your finances, Widowed Community developed a handy (and free!) Net Worth worksheet so you can document your stuff. To draw that picture, we’ve put together a sample Asset Map showing you how everything looks now and what it could look like once you simplify your financial life.
To receive your free Net Worth Worksheet and Asset Map, please enter your email address below and click the Download Now button.
Additional Financial Planning Tools for the Recently Widowed
New Widow’s Complete Checklist
A comprehensive step-by-step checklist covering vital financial, tax and legal issues during your first year as a new widow
Widowed Community Financial Planning Blog
Financial Planning Knowledge, Wisdom and Know-How for High Net Worth Widows and Widowers
WC Wealth Reminders™
Timely reminders to help you manage important tax, legal and financial tasks as well as protect and maintain your home and vehicles