Wealth Management for Widows and Widowers

Losing a loved one is a challenging period, and beyond your grief, you need to secure your financial stability. The financial advisors at HSC Wealth Advisors understand these challenges, and more importantly, we have the experience and knowledge to help you effectively manage your money after losing a spouse.

We tailor our financial advice to each family’s unique circumstances, helping widows and widowers gain some peace during this sensitive time in their lives.

Navigating Finances After Loss Can Be Challenging — But You Don’t Have to Do It Alone

You may wonder how you should handle bills, adjust your estate plan, and manage finances alone. You may also want to understand the investments your spouse left behind for you and your family. Financial planning for widows and widowers can be much easier if you work with someone who understands you and your situation.

At HSC Wealth Advisors, we listen empathetically to your situation and concerns and offer the financial advice and resources needed to help you through this new financial journey.

Case Study: How We Helped Wendy Watson

Wendy Watson came into HSC Wealth Advisors for her initial meeting with a lot of anxiety on her face. Her husband of 35 years, William, had recently passed away from a heart attack at the age of 59. Wendy did not know what William had done with their investments or even if he had any life insurance. She had many questions and fears: Was she going to have to get a job? Did she need to sell their house and move in with one of her daughters?

William took care of the bills and the complete management of the couple’s investment portfolio. That first day we unloaded the trunk of her car pulling multiple boxes of financial statements, insurance policies, estate documents and anything else she thought was relevant to her financial well-being. Her new unwanted task was piecing this complex financial puzzle together on her own.

We listened to Wendy talk about William and the goals and dreams that had been accomplished and those left undone. We heard her cry for help during this time of confusion and despair. We told her we could help her to answer all of the questions that had been weighing her down. We would work through files and analyze all the brokerage statements, insurance policies, bills, estate documents and give her recommendations and a clear path for her. She was glad to be able to leave the boxes in our office and know that our team was diligently working to walk her along in developing a plan.

Over the first several weeks we assisted her in setting up the appropriate accounts, transferring assets to those accounts and implementing her investment strategies. We quickly found out that William had invested in individual stocks and bonds. The assets were over 1 million dollars. We also discovered that William had a pension with survivor benefits.

Once we guided her through setting up her social security benefits she had more than enough income to live on the social security and pension alone. Not only was she not going to have to work; she would be able to afford to go on trips with a ladies group from her church.

During the process we established a plan and worked collaboratively with an insurance professional, tax preparer and attorney to make sure she had a strong team working together on her behalf. She had a plan in place that she knew was sound and would not place this burden on her daughters when she passes away.

As her financial confusion was lifted, Wendy was able to grieve and process through her husband’s passing. As the plan was in place and Wendy was healing, we picked up on an educational initiative William was passionate about during his professional career. When we recommended she start a scholarship fund in her husband’s memory at his alma mater, she was exuberant.

Bottom Line: We could have limited our services to just organizing and implementing an investment plan. By listening and getting involved in all the details we were able to organize her financial life and put her on a path that she can be confident in. Most importantly, we met her where she was emotionally and helped her get to a place of peace and security she did not think was possible.

To learn more about how we can help you, contact HSC Wealth Advisors today.

*This case is based on true events but names and minor circumstances have been changed to maintain confidentiality.

Compassionate Financial Support for Widows and Widowers

Our goal is to provide comprehensive personalized financial planning assistance that lays the groundwork for a stable and secure future. Here’s how we get it done:

Lending an empathetic ear: We listen to each client’s unique story, concerns, and aspirations for the future. Financial management after a loss can feel like a complex puzzle. That’s why we answer all your questions to help you feel organized and see your path forward.
Reviewing the documents: From revising your estate plan to guidance on setting up your social security benefits, our trusted advisors help you organize your situation. We organize and review documents such as insurance policies, financial statements, estate documents, brokerage statements, bills, investment documents, and anything else relevant to our clients’ financial well-being.
Collaborative planning with knowledgeable professionals: Each client gets assigned a team of knowledgeable professionals to help ensure everything is taken care of. Based on what you need, your team might consist of an attorney, an insurance professional, and a tax preparer to ensure you have experts developing a plan on your behalf.

Key Financial Steps You Can Take in This New Journey

Because we want you to have the time to process this new stage of your life and the ability to focus on yourself and your family, we created this actionable financial checklist for widows and widowers. We guide you throughout this process, managing every step together. Here is how to manage money after losing a spouse:

Gather and organize financial documents: Gather all documents relevant to your financial well-being. Our advisors may inform you about the documents you need to compile so we can effectively help you.
Review insurance and survivor benefits: Together, we will review your benefits to gauge the finances we need to sort out.
Update accounts and beneficiaries: During the first few weeks, we will help you set up the relevant accounts and transfer assets into those accounts. Our strategy for estate planning for widowers and widows also enables you to adjust your assets and beneficiaries as needed.
Build a support team: By this point, you will have an established plan, and our team of professionals will help you execute this strategy toward an organized financial life.

Receive Financial Help After Losing a Spouse From HSC Wealth Advisors

By the end of this process, we hope to have brought you to a place of peace and security in knowing that your financial matters are organized. To receive assistance from our professionals, contact HSC Wealth Advisors today.