Losing Your Partner

Any bereavement will naturally be quite an emotional time. While the loss of a loved one is certainly shocking in and of itself, there will also be a number of inevitable financial concerns that need to be addressed.

Some of the most pressing issues will include:

  • Funeral arrangements.
  • The Transfer of property and assets (assuming that one is the executor of the will)
  • Addressing the possibility of any debts.
  • Obtaining help from a financial adviser.

Let us take a look at each of these factors in more detail.

Funeral arrangements

There is always the possibility that funeral arrangements can cost a great deal of money. This is of a particular concern should the bereaved not have sufficient funds. Therefore, it may be necessary to speak with friends and family members to make certain that the necessary financial arrangements can be made amenably.

Asset Transfer

Assuming that the living partner is the executor of the will, assents such as property, investments, savings and other tangible equity will need to be spoken for. These should to be transferred into the name of the executor to be dealt with. Should one’s partner have had impending financial transactions or owned an interest in a business, it is best to contact the solicitor of the business in question to obtain information regarding the status of any outstanding matters.

Debt Issues

According to Australian law, a friend or a partner is not obliged to pay any debts unless this debt is held jointly. Any owed money will be paid from the assets of the estate. Of course, it will be up to the executor as to how such debts will be managed. Once again, the use of an attorney can help with these matters.

Financial Advice

It is obvious that such issues may be unfamiliar and stressful for one who has just lost a loved one. Thankfully, there are a number of resources which can be of great aid throughout Australia. These will include a local Community Information and Referral Service and a Welfare Rights Centre.

These are some of the primary financial issues that will need to be addressed in a timely fashion. Thankfully, there are a number of different avenues that will aid in this difficult transitory period. With foresight, clarity and transparent information, these financial concerns are often times not as daunting as they may appear.