Facing Bereavement of a Child

Financial Planning Situation

Michael and Ashley had their only child in their 40's. Their son, Matt, was drafted into military a couple of years back. Recently, they learnt about a tragic incident that ended his life prematurely.

Here are the key questions they have:

  • They are emotionally overwhelmed. They need someone by their side who can think more rationally and execute decisions in a timely manner.
  • They are aware of a few things that need to be addressed, but they are not sure if they know all the things that need to be addressed.
  • They would like to leave a legacy for their son in the most meaningful way possible.
Military Son Bereavement

These client stories are based on hypothetical, fictional situations.

Planning Process

We are truly sorry for your loss. Dealing with the passing of a loved one, especially a child, is incredibly challenging. During this difficult time, we can offer support and guidance to help you navigate the financial aspects of this situation. Here are some key aspects we can assist you with:

  • Insurance Review: If your son had life insurance policies, we can help you review and understand the terms of these policies and guide you through the claims process.
  • Estate Settlement: We can help you understand the steps involved in settling your son's estate, including identifying assets, paying debts and taxes, and distributing assets to beneficiaries according to his will or applicable laws.
  • Beneficiary Designations: If your son had life insurance policies, retirement accounts, or other assets with beneficiary designations, we can assist you in navigating the process of claiming these benefits.
  • Estate Tax and Probate: Depending on the size and complexity of the estate, we can provide guidance on potential estate taxes and help you understand whether the estate needs to go through the probate process.
  • Document Review: We can review the legal documents related to your son's financial affairs, such as wills, trusts, and powers of attorney, to ensure you have a clear understanding of his wishes and your responsibilities.
  • Legacy Planning: We can assist you in developing a legacy plan, which might involve setting up memorial funds, charitable donations, or other forms of giving that honor your son's memory.

Remember, we can provide both practical advice and emotional support during this challenging time. We can guide you through the complexities of settling an estate while offering compassion and understanding.

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