Beth Mosley lost her husband of twenty years to a car accident at only 42 years old, leaving behind Beth and their two children. Stan Mosley owned his own company and had been the main breadwinner for the family ever since Beth became a stay-at-home mother many years ago. Stan had a life insurance policy that would support the family for some time. However, Beth, still being in a state of shock, did not know the next steps she should take financially.
Challenges: Decision-Making Through Grief
- Beth lost a life partner and her family’s main source of income and financial security. Stan also had full control of the family’s finances and budgeting figures, so Beth is inadequately prepared to assume the role of managing the finances going forward.
- Beth does not know what to do with the lump sum payment she received from the life insurance company or how to best spread out the value.
- Beth has to make a decision about the business that Stan owned since he had not established a succession plan, creating additional anxiety and stress for his employees as well as for Beth.
- Beth feels forced to make some large and far-reaching decisions while going through the grieving process.
How Would Legacy Planning Help in This Scenario?
Objective Advice for a Brighter Future
- Compassionate conversations. We would first sit down with Beth and listen at length to her thoughts and fears. We would commit ourselves to walk with her through each step of the process and provide insight into each decision recommended.
- Gathering financial information. We would help Beth collect and organize all the needed documents and statements, so both the firm and Beth would have clarity on the family’s financial situation.
- Insurance options. The team would then present multiple scenarios to best utilize the lump sum provided by the insurance statement.
- Business succession. Legacy would counsel Beth regarding what to do with Stan’s company, taking into account her hopes and dreams and future aspirations.
Peace of Mind in Crisis is Possible
When unique circumstances arise, most people need more than a financial advisor. They need a team they can trust and with whom they can be vulnerable.
We have worked compassionately many times with widows in crisis situations similar to Beth’s. The key very much becomes balancing decisions that need to be made slowly in a time of emotional transition while still not missing deadlines or indefinitely delaying decisions that need to occur. In situations such as these we are called to be much more than just a financial advisor.
