Coping with the loss of your partner
Losing your partner changes your life, and money matters may seem unimportant at the time. Taking practical steps can help you get through this period and better prepare you for the future.
- Arranging a funeral and death certificate
- Working out the will
- Determining where you stand financially
Working out the will
Your partner will probably have left a ‘will’, or legal document that sets out how they wanted their ‘estate‘, or personal assets, to be distributed after their death.
The ‘executor’ of a will is the individual chosen to distribute the assets of your partner – in the way they have set out – and finalise any debt and taxes they owed. People entitled to part of your partner’s estate are known as ‘beneficiaries’. Assets can only be distributed after debts are paid and once the Supreme Court has granted ‘probate’, or validated the will.
The executor will need the following documents to administer the will. Gather these documents as soon as you can:
- Banking records
- Credit, charge and store cards
- Taxation records
- Records of investments
If your partner dies ‘intestate’ or without a will, their assets will then be distributed according to a pre-determined formula by the government.
Determining where you stand financially
Although you may still be grieving, you must take care of yourself, and that includes your finances. When you’re ready, get a handle on your finances and work out where you now stand.
- Complete a living expenses budget
Taking the next steps
When your partner dies, you may be suddenly forced to take care of money matters-something your partner may have done for many years. You are now responsible for household finances like bills and insurance.
Use our budget planner to see how you can manage your new income and adjust your spending. That way you can stay in control of your money and plan for the future.
You will probably experience a change in your household income as a result of your loss. This might mean you become eligible for government entitlements or it may alter the payments you receive.
Contact the Department of Human Services to check that you are receiving all the payments you are entitled to.
Factor these into your new budget.
Seek financial advice – Contact Us