Recently, NWM Financial Advisor David Chalmers spoke with AM660 News in Calgary on how one can financially prepare for the loss of a spouse. He shares some common issues that arise and provides some insight and tips on what to do and what not to do.
Doug Reynolds, AM 660: David Chalmers is a Financial Advisor at Nicola Wealth Management. He says the key is to have a plan ahead of time. Especially for the wife; there is a reason for that.
David Chalmers, NWM: The women who are becoming widows today tend to have been born 75 or 80 years ago; therefore, worked in an environment where the man made a lot of the decisions – somewhat of a chauvinistic environment, and therefore, are quite often unfamiliar with the family finances.
Doug Reynolds, AM 660: Chalmers has other suggestions. Don’t make major money decisions right away after the loss of a spouse. Don’t move out of your home right away, and don’t be an ATM for family members. Sadly, he says, a lot of adult children put pressure on widows or widowers to give their inheritance now. He says, the primary responsibility is to look after yourself.
Doug Reynolds, 660 News: David Chalmers is a Financial Advisor at Nicola Wealth Management. He says find a good financial advisor, do it ahead of time before one of you dies. Especially because the husband often did the finances and it’s a fact that women often outlive their men. He also warns widows not to become ATM machines for others.
David Chalmers, NWM: A widow, and this applies to widowers as well, may find that a family member says “Gee Mom, I’m going to be inheriting money from you anyway in a few years…”
DR: His advice? Hold off.
DC: Your primary responsibility is to your self – to make sure you are looked after and, therefore, if family members or friends tap you on the shoulder saying “I could use some money. Can you help me out?” Don’t immediately say yes.