This is not a time in your life when you want to think about finances, but unfortunately it is important to review these things soon after your loved ones death. If you do not think that you will be able to get through it, ask a family member or friend to join you or to check in on you to make sure you’ve done that. Your finances will change dramatically regardless of how much money your loved one made.
The first thing you should do is estimate how much your income will be, and how much your expenses will be. It is important to make sure that you are still able to afford everything. There are many things that will need to be sold or shut down. Your loved one will no longer be needing their cell phone, magazines, membership to wholesale store, vehicles, and the payments that go along with it. It would be important for you to make sure you have cancelled any subscriptions that will no longer be used so that you don’t end up paying more for them.
A second important thing to do in regards to your finances is talk to their previous employer or bank to find out what kind of retirement plan they had. Discuss any accounts that your loved one may have had open without you knowing. Find out exactly how those can be transferred over to your name so that they can continue to collect stock, interest, or at least not become forgotten. This is not a task that most people want to do normally, but given your specific situation it would be most helpful for you to have someone to help you through this.
A final thing to consider is the cost of the funeral, the coffin and burial itself. This can actually become quite pricey and it would be in your best interest to know how much you can afford to spend prior to making those payments. There are often people or companies that like to help out with those costs and if you start asking soon, you may find that it will be no burden at all.
The loss of a loved one is not easy for anyone, and everyone grieves in their own way and for their own length of time. Finances are typically the last thing that most people want to think about, so ask someone to help you.