Unexpected Death; Securing Your Wife’s Future after You Are Gone

Death is inevitable and unpredictable. A thing about death is that it mostly visits at the most inappropriate of time, like an uninvited guest. It is true you can’t stop it but we can be prepared. Keeping your loved ones financially safe is the first preparation that you do if death comes knocking.

However, have you prepared your wife for the inevitable? You might debate about the necessity about telling your wife about the preparations you made in case of you die. But it is very important that you do. Mostly because she has come to rely on you for everything related to finances and she might not be ready to handle it without your help.

Making Life Easy for Your Wife after Your Death

Fortunately, there are some things you can do to make her stronger when you are not there to help. The first and foremost thing is to talk to her about your investments and what all you have done to make her life financially secure long after you are gone. This will educate her about the complexities of financial world and also prepare herself to face life without you.

Take time to Educate your Wife: If finance and investment is not your wife’s cup of tea, it is worthwhile you spend some time with her to explain the basics of finance. With a hectic life for you and your wife it might seem impossible. However, teaching her this will ensure that she could handle finances of the family if you are not there.

Besides, spending some time with your wife is always good for a healthy relationship. Even if it is about finance, interest rates or portfolio management bet your wife is also looking to spend some time with you. So make use of it.

Share your Investments with your Wife: After you have taught her the basics it is time you share with her about your investments, savings and other details. Tell her about what kind of investments they are and what she must do about it in your absence. Explain to her step by step about the banking procedures and every other thing about your personal investments.

If you have invested in shares directly, teach her about it and if she cannot handle it after your death, make arrangements to invest the money in a mutual fund.

Make sure that you tell her one by one so as not to confuse her with all those numbers, returns and investment jargons!

Automate Your Recurring Investments: Now online facilities are available with all banks and investment companies. To make life easier for your wife, automate your recurring investments so that it is routed automatically and your wife need not worry about it. However make sure that you tell her about those investments because she must be aware of it.

She might not remember about all the investments and will find it to hard to handle everything alone. By automating you ease her burden and this will help her cope with life better after you have gone.

Make Joint Investments: Try to make joint investments wherever possible. Let her know everything about it. This will be useful because after your death there would not be many formalities for the money to go to your wife. If you invest alone, then after your death your wife will find it difficult to transfer the amount in her name as she is not used to all this hassle of office works.

Maintain Journal or Excel Sheet: Write down every detail about all your investments in a diary or journal and keep it safe. Tell your wife about it.

You can also use an Excel sheet to list your investments, the maturity period, the amount that it gives, the time of issue etc.

This way your wife can refer your diary or go through the excel sheet to know all the details of your investments. This leaves no room for doubt for her and she will find it extremely useful to know about it when you are not there for her to ask you.

Write down a Will: One of the easiest and oldest ways you can transfer your investments and other assets is to make a will which entrusts all your wealth to her after your death. It is something your wife won’t be finding it hard to understand and there is not much delay in the process. Besides, make arrangement for your lawyer to take care of all the procedures.

Take a Life Insurance: Life Insurance is the single most product that everybody use to secure the life of our loved ones. Therefore, it is essential that you take a life insurance policy in your wife’s name.  In the event of your death the insurance company will see to it that your wife receives the amount.

Check Your Beneficiary Details: Make sure that the beneficiary details in your PF and other investments are correct and it will be delivered to your wife in case of your death. Check if the payment mode is easy for your wife to access.

Your love for you wife is much more than all this investments but making her financially independent is an important thing you can do to make her life secure and happy when you are gone.

Life is too short for those who live every moment. Beyond all these investments give her the most beautiful memories of a life spend together in love, harmony fun and peace.

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