Death of a Spouse

Planners Title (planner's focus):
Replacing lost income through death of a wage-earner.

Personal Title (client focus):
My husband died. Now what do I do?

Case background:
The client was in her mid 50's, she got a call at work that her husband had passed away that morning on his way to work. They both enjoyed decent income and had a good lifestyle. The husband was in good health. I got the call as I prepared their tax returns and did a small amount of financial planning for them.

What happened in the meeting:
I arrived at the client's home to see the visibly shaken spouse and the two children in their early 20's. They immediately had hundreds of questions. I simply laid the burning book on the table along with the shock page. I said, before we get into what to do, why don't we get a firm grip on how much money you need per month to live your lifestyle that you expect. This brought an immediate calm to the meeting.

How did it turn out?:
The client was extremely happy and relieved to see that she would be able to continue on her lifestyle even without her late husband's income as they were properly insured.

Notes to myself on the meeting:
I will be reviewing income strategies for the client's future income. These insurance policies will be converted into investments that will produce income to replace the late husband's pay check and also provide adequate assistance for her retirement.