How to prepare for a bereavement

Facebook Adverts (19).jpg.jpg

Bereavement is a challenging time that we’ll all face at some stage writes Chartered Financial Planner at Amber River True Bearing, Paul Mullin. In my role as a financial adviser, I've supported many families through bereavement, and this has given me an insight into the challenges people face during such times. I'm here to offer advice on what you can do to make a very difficult time a little easier.

Here are eight practical steps to help you through a bereavement.

1. Talk about it

It’s not a pleasant topic, but death is a part of life. Having practical conversations about what will happen when a partner passes away and how the survivor will manage is crucial. These discussions are essential for preparing yourself mentally and financially for the eventuality.

2. Share information

From my experience, it's common for one person to handle the finances in a relationship. If that person dies first, it can leave the survivor with not only grief but also significant confusion and worry. It's vital to share details of bank accounts, pensions, investments, and household expenditures with each other to avoid this.

3. Make a list

Having one document that includes all important financial accounts like bank accounts, credit cards, pensions, and investments can significantly ease the process of organising the estate. Having your paperwork in order will help on a pragmatic level, avoid unnecessary stress and which can help maintain the mental wellbeing of the person left behind. Make sure you store this document securely, whether it's in a digital or physical format, and avoid listing any account passwords. At Amber River True Bearing we understand how difficult it is to keep all your financial information up to date and in one place, so we have introduced a ’When The Time Comes’ checklist for our clients. We encourage them to let family members know where this list/document is kept, and even suggest that a copy is passed to them for safe-keeping.

 

Checking your Will to ensure it reflects your current wishes is vital, not just for what happens to your estate on death but also in terms of who the Executors are. They have legal responsibility to ensure the estate is dealt with according to the Will. Revisiting and possibly revising this document if it was drawn up years ago is good housekeeping, and make sure your executors know where it’s stored.

5. Think about the household budget

When a partner passes away, spending will not simply reduce by half. Most household bills will stay the same, although leisure and holiday spending will likely decrease. Using cashflow modelling, I usually reduce the annual spending for two by 20-25% to assess what's affordable for the survivor. Life will eventually find a new normal, but it can take time.

6. What income will continue?

Understanding what happens to the income of the deceased is crucial. Will any pension income continue in full, reduce by 50%, or stop completely? Are there older state pension benefits to consider? Will any benefits cease? These are important questions that will require some investigation with pension and investment providers, and possibly the Department of Work and Pensions (DWP). This information will clarify what income will be available to cover the survivor’s spending needs.

7. Prepare for the probate wait

Dealing with the estate through probate in the UK can take months, not weeks. The system is somewhat archaic, and obtaining the legal document needed by most institutions before they will release assets can be a lengthy process. Mentally and financially preparing for this period will make it easier than it would otherwise be.

8. Consider your support network

Family and friends will be a source of great comfort and help to you through a bereavement. Some may have been through it themselves and can offer guidance. Additionally, experienced legal and financial professionals can provide support if needed. It's wise to ask your network for recommendations, particularly if they have dealt with advisers during a bereavement before.

These steps won't eliminate the pain of losing a loved one, but they can help reduce the burden of the practical realities that follow. Planning ahead can offer some peace of mind during a deeply emotional time.

At Amber River True Bearing, our team of independent financial advisers, including myself, are here to help you navigate these preparations to ensure you've taken all necessary steps. We understand the emotional weight and complexity involved in planning for bereavement, and we're committed to providing not just expert advice but also compassionate support.

Get in touch

Enjoyed this? Read more from Amber River True Bearing

Latest news

1

Financial Affairs support the Red Rose Award winners' reception Networking photograph

Financial Affairs support the Red Rose Award winners' reception

24 Apr 2025

2

Lancaster University unveils cutting-edge computing and cyber security facilities Head of Lancaster University's School of Computing and Communications Professor Nigel Davies, Chris Ensor, Vice-Chancellor Professor Andy Schofield and Pro-Vice-Chancellor (Engagement) Professor Sarah Kemp

Lancaster University unveils cutting-edge computing and cyber security facilities

24 Apr 2025

3

Northcote announces new owners Alf and Clare Ellis as Lisa Goodwin-Allen returns as chef patron-director Craig Bancroft and Lisa Goodwin-Allen

Northcote announces new owners Alf and Clare Ellis as Lisa Goodwin-Allen returns as chef patron-director

24 Apr 2025

4

Major shareholder makes Inspired takeover bid inspired-500x500.png

Major shareholder makes Inspired takeover bid

23 Apr 2025

5

Nominate your favourite family-run business in Lancashire. Thompsons meeting (1).png.png

Nominate your favourite family-run business in Lancashire.

22 Apr 2025

Pc Prestonmacan Gif980x120 March
Background image for hub sign up block

LBV Hub

Leverage Lancashire Business View platforms

Post your news
Post your events
Post your offers
Build your network
Improve your SEO
Gain coverage in the magazine
Sign-up
Events
LBV122 May/June Launch Event
121 Lancashire Business View Magazine Launch
Networking
21 May 2025

LBV122 May/June Launch Event

Lancaster and Morecambe College, Lancaster, LA1 2TY

08:30 - 10:30

Sub36 Networking
Networking
11 Jun 2025

Sub36 Networking

British Jewellery School, Scorton, PR3 1BA

15:00 - 17:00

Lancashire Net Zero Carbon Conference
Net Zero Carbon Social 1200px 2
Networking
18 Jun 2025

Lancashire Net Zero Carbon Conference

Crow Wood Hotel & Spa Resort, Burnley, BB12 0RT

08:30 - 13:00

Lancashire Built Environment Conference 2025
BEC 315 X 315 Px
Networking
25 Sep 2025

Lancashire Built Environment Conference 2025

Blackpool Football Club, Blackpool, FY1 6HX

08:30 - 13:00

CMI Level 5 Management and Leadership Course
UCLanAerialCampus.jpg.jpg
LBV Hub Seminars
21 Feb 2025 - 21 Feb 2026

CMI Level 5 Management and Leadership Course

Preston Campus, Preston , PR1 2HE

09:00 - 17:00

CMI Level 5 Project Management Course
UCLanAerialCampus.jpg.jpg
LBV Hub Seminars
21 Feb 2025 - 21 Feb 2026

CMI Level 5 Project Management Course

Preston Campus, Preston, PR1 2HE

08:00 - 17:00

RISE - The Academy for Female Leaders and Managers
WENDY BOWERS RISE Illustrstion copy.jpg.jpg
LBV Hub Seminars
02 Apr 2025 - 08 Oct 2025

RISE - The Academy for Female Leaders and Managers

East Lancashire Chamber of Commerce, Clayton le Moors, BB5 5JR

09:00 - 15:30

Preston Freelancer Meet-Up: April
1.png.png
LBV Hub Networking
25 Apr 2025 - 25 Apr 2025

Preston Freelancer Meet-Up: April

Society1, Coworking Space, Preston, PR1 3LT

10:00 - 11:30

People Power: Exclusive Event Series
Stay ahead in 2025.jpg.jpg
LBV Hub Seminars
29 Apr 2025 - 29 Apr 2025

People Power: Exclusive Event Series

People's History Museum, Manchester, M3 3ER

17:00 - 21:00

Planning for the future + navigating Inheritance Tax changes
Planning for the future + navigating Inheritance Tax changes for website.png.png
LBV Hub Seminars
01 May 2025 - 01 May 2025

Planning for the future + navigating Inheritance Tax changes

Stanley House Hotel, Mellor, Blackburn, BB2 7NP, Blackburn, BB2 7NP

08:00 - 10:30

A night at the races
1.png.png
LBV Hub Dinners / Balls
02 May 2025 - 02 May 2025

A night at the races

Morecambe FC, Morecambe, LA4 4TB

19:00 - 23:59

Advantage: AI – A Workshop for Business Leaders – May 2
EV-land-2025-05B.png.png
LBV Hub Seminars
02 May 2025 - 02 May 2025

Advantage: AI – A Workshop for Business Leaders – May 2

Door4 Office, Burnley Wharf, Manchester Road, Burnley, BB11 1JG

09:00 - 11:00

Advertise with us

Reaching 50,000 members, our print, digital and event platforms offer a fantastic way to raise your business profile and help you grow.

Find out more Lbv121 Online Graphic
Subscribe now

Weekly news bulletin