It is common for one member of a household to handle all or most of a family’s financial affairs. If that person passes away, another member of the household will likely need to immediately have access to funds for expenses but have no idea what they need to do. The person left behind may also lack the experience, desire, interest or time to manage the family’s finances. Even worse, they may not have the authority to access funds that were solely in the name of the deceased.
Here are some tips to consider:
Communication is Key
Couples should communicate frequently and be open and honest with each other about their finances. That sounds like plain common sense, but all too often one of the people in the relationship has no idea what their household’s sources of income are, what they own, where their assets are located, how much money they...