- On March 5, 2018
When it comes to running a household partners often taken on responsibility for different areas – one may do the garden, for example, while the other looks after the finances.
This works fine as long as you’re together but when one person is no longer there and suddenly the remaining person has responsibility for everything, including the financial assets that they were perhaps not involved with before, it can create an issue.
Additionally, the person who organised the finances may have also established a relationship with a financial adviser as part of this, yet their partner may never have even met this person. This can create an added layer of stress on top of what is already a highly emotional situation.
So, if you use the services of a financial adviser, it’s important to get both partners involved and taking an interest in everything that’s going on.
This will give you the security of knowing that the surviving partner is comfortable with taking charge of the finances and the relationship with the financial adviser if the other person is no longer around.
What I tend to find is that if somebody is suddenly in serious ill health I get introduced to the spouse. Other than these situations people have often been content to say “Oh, my partner’s not interested in this, I organise everything financially.”
But the reality is what happens if somebody just drops dead? Suddenly the surviving partner is there left alone with no point of contact and doesn’t know who to trust because they’ve never met the adviser.
They are suddenly confronted with trying to get to the bottom of the finances and how their life’s going to look now that they’ll be living on less than they were, as well as all the shock of the situation.
Often it’s women who are left picking up the pieces as they tend to live longer than men and they have a few more years beyond their partner passing away.
While the world is changing and certainly among young people the traditional roles are no longer automatically assigned to one gender, such as the finances or a looking after a baby, among the older generation it is still more likely for the man to organise the money.
That might not be the case in every relationship but if it is that means there’s going to be a lot of surviving widows who suddenly need to deal with something that they’ve never had to deal with before.
Making sure you know your financial adviser puts you in a much stronger position if something does happen. Knowing that you’ve got somebody who you trust with your finances can be a great relief and comfort while you’re going through a highly stressful situation.
You don’t need to be there every step of the way but it is important that you know who your adviser is and what there is financially. It’s just the common sense thing to do.
If you both have that point of contact it means there is one less thing to worry about in the advent of death or divorce.
Remember, the value of your investments can go down as well as up. Past performance is not a reliable indicator of future outcomes.
For a free consultation about your financial needs call 0118 974 0159 or email firstname.lastname@example.org.