Losing a loved one is never easy. And losing a spouse prematurely can be one of the worst phases of a woman’s life. As if the trauma of losing a partner isn’t enough, it comes bundled with legal and financial proceedings. However difficult it may be, it is imperative to look into these matters.


Why is it very critical?


Over the course of their lives, women in India usually tend to pass control of their assets and money onto their close family members; first to the father, and then onto their husbands. While trusting a close family member isn’t wrong, the same dependence usually lands them into a situation which may end up having a huge impact when the trusted family member dies.

To ensure financial security in today’s world, it is very important for a woman to have a clear understanding about their overall financial planning.


Assess your needs


The first step is to carry out a thorough assessment of all the assets and investments — the ones that will change, especially those that you were depending on your partner for. There can be instances where you may have to make few compromises, so don’t take any hasty decisions.

Make an inventory of the investments your spouse had made, like insurance, pension, savings, fixed deposits. Next step is to assess how much more you may need to proceed with a financial plan.


Know your risk appetite


A thorough assessment of your financial assets and standing will help you gauge your risk appetite. This will help to further plan and manage investments, going forward.

Re-check and revise your financial plan


You need to review your financial plan again and take the help of a planner if needed. You will need to update insurance and other saving accounts that are in the name of your spouse; documents are important apart from keeping a check on the markets, risk-appetite, goals, inflations, which will call for a change in your asset allocation.

Invest wisely


After evaluating your financial standing and the risk you can take, the next crucial step is to manage the corpus which is left behind.

You will need to plan well, considering your present and future needs, and then create a diversified portfolio consisting of PPF, fixed deposits, mutual funds, property, and so on.


Claim life insurance on time


You must claim for your husband’s life insurance policy in time and as per the policy document. Do not forget to get the death certificate, check one of my previous articles on death claim to know more about the process.


Get an Insurance


It is very important to have your medical and life insurance in place, to ensure that your dependents aren't left in a lurch in case something were to happen to you.

Get an insurance policy that satisfies all your needs, and which can bear loss at the time of an emergency.

Spend and save smartly


Leading a life without your better half is extremely difficult and unpredictable. There may be changes to the lifestyle you’re used to, and you may also need to assess spending. Therefore, it is important to start saving from a very early stage, which will help in achieving financial goals.


Retirement Planning


Retirement planning is as important. Plan in such a way so that you’re free of all debt and EMIs before you retire. Think of an alternate source of income that can stretch your financial stability which will help maintain the lifestyle you’re used to.