When you lose a partner, you may find yourself taking full control of your household’s financial affairs – perhaps for the first time. Amidst grief, it can be particularly difficult to sift through all the financial records and make decisions about how to best manage assets that you’re now solely responsible for.

This new responsibility can include:

• Updating wills and your estate plan: It’s important to ensure everything is up to date and reflects your current wishes.
• Managing the probate process: This legal process involves proving the validity of the will and handling the estate.
• Reviewing finances, selling properties or business assets: You may need to adjust your investments to reflect your new circumstances, needs and goals.
• Ensuring ongoing tax efficiency: Understanding and planning for inheritance tax can help you manage and preserve your wealth.

1. Get your financial documents in order:
   Start by gathering all relevant financial documents, such as wills, bank statements, investment records, and insurance policies. Create a list of all financial accounts, assets, and liabilities (your financial planner may have a template you can use for this). This will give you a full picture of your financial situation.
2. Familiarise yourself with inheritance tax rules:
   Transfers between spouses or civil partners are typically exempt from inheritance tax, but you’ll need to understand how this applies when assets are transferred to other heirs, like children.
3. Review your long-term plans:
   Your new circumstances may have changed your long-term plans. It’s therefore a good time to reassess your goals, and related financial plans. Take some time to think about what’s most important to you now and in the future.
4. Seek professional guidance:
   If you’re dealing with a complex estate – perhaps involving business interests or significant assets – a financial planner can help you navigate complex decisions and develop a tailored plan for your future.

• Provide emotional and practical support
  A financial planner can be a supportive guide, helping you manage financial considerations during this difficult time. They can help you get organised and explain challenges and choices in a way that makes sense. They can offer reassurance and act as a sounding board for your concerns.

• Ensure your financial plans are tax-efficient
  The rules and laws relating to tax are complex, subject to your individual circumstances, and can change at any time. Financial planners can help you understand and make the most of your specific tax position and advise on strategies to help you manage your wealth more efficiently.

• Give you a personalised, ongoing financial service
  Your financial planner can create a customised plan that reflects your new reality and future goals. They can also provide ongoing support, and adjust your plan as needed, helping you stay on track to meet your goals over the longer term.

• Take the time to explain everything
  A good financial planner will not only manage your finances but also help you understand your financial journey. Knowing exactly how the choices you make today will contribute towards your future will provide peace of mind and give you confidence in your decisions.

Becoming financially independent after losing a partner can be a daunting prospect, but the right support and resources can help ease the burden. By organising your finances, seeking professional advice, and taking the time to understand how your financial plan works, you’ll be able to navigate this difficult period with far greater confidence.