The death of a loved one will probably have a major impact on your financial situation. But with a little planning, you should be able to avoid a lot of the negative impact and get through this difficult time.

Money does matter

Your spouse or family member may have kept personal record and a quick reference document to make it easier to settle the estates. You may still need to inform others and organizations about the death. You will need to contact ;

• The financial institutions they had bank accounts, investments, insurances and credit cards with
• Federal and provincial agencies, including the Canada Revenue Agency
• Human resources department of place where they were employed and more...

Also keep in mind that all of the deceased's accounts; including joint accounts may be frozen until the estate has been settled.

Depending on your situation, you may be able to contact the executor of the estate directly if you know each other.

If you loose your spouse then you may need to create a budget so you can...

• Allocate income to expenses (rent, groceries, loan payments, etc.)
• Identify shared expenses that will need to be transferred into your name or paid by the estate (mortgages, personal loans, etc.)
• Decide what to do with your joint accounts (bank accounts, credit cards, investments, etc.)

Expert Tips

Talk to us as your financial advisor about:

• Submitting benefit claims if any to the appropriate financial institutions
• Stocking all of the deceased's insurance coverages to decide which ones should be maintained or replaced (like group insurance if you don't have this coverage yourself)
• Modifying the beneficiaries of your insurance policies and retirement savings plans
• Analysing your current financial situation to make sure you have enough coverage for your loved ones when you are not there to support them.
• Doing your financial need analysis to make sure you have enough coverage
• Deciding on other coverages (disability, critical illness, long-term care, etc.) to protect your savings in case you get sick or become disabled

Contact Lawyer about...

• Your spouse or family member's estate plan
• Contacting the executor of the estate

Talk to a tax specialist or an accountant about...

The financial and tax impact of your spouse's or family member's death and the resulting asset transfers on your taxes, child benefits, tax credits, etc.

Start your estate planning

Estate planning is the process of organizing and anticipating for the disposal of an estate during your life.

A typical estate planning involves;

• Planning and settling final taxation issues,
• Creating a Will and,
• Financial planning of your estate and improve your savings strategy.