Losing a loved one, unfortunately, comes with more than just heartbreak. There are a series of financial struggles that surviving loved ones will have to face, many which can have severe consequences if not handled properly. Fortunately, with the proper advice and guidance, you can mitigate or even avoid these financial struggles.

One of your top priorities should be getting familiar with your resources and routine expenses. To get a handle on your resources, make a list of all your saving and investment accounts. Next, list your expenses so you are aware of your financial commitments and where your money is typically being spent.

It is also important to know that this first year may not be routine. You may have some one-time expenses that require you to set aside some additional savings. The following list of common death related expenses comes from my new book “Death’s Red Tape.”

Purchase the book on Amazon to learn more about the financial struggles and how to best handle them.

Immediate Unexpected Financial Burdens After a Loved One Passes Away

After a loved one passes away, there will be some immediate unexpected financial burdens that will need to be paid for.

Critical Financial Decisions Within the First Year

Within the first year of a loved one passing away, you will likely face some big money decisions.