Losing a loved one and taking the next steps

Losing a loved one is one of life’s most emotionally distressing events. During this time, it’s important to listen to your body and your feelings, and allow yourself time to heal. Lean on family and friends, and seek professional help or guidance if needed.

Many of the decisions you need to make after losing a loved one, such as funeral arrangements and settling their estate, require immediate attention. The pressure can seem overwhelming, but accept the support of people you trust and let them help you.

Taking care of your future

When you’re ready, meet with your Financial Advisor to ensure the plans you created with your loved one remain on track. Together with your Financial Advisor, you can review and update whatever’s necessary, such as:

  • Revising your will and updating beneficiary designations. If you’ve lost your spouse and your children are minors, you’ll need to designate a legal guardian.
  • Creating trust arrangements for your children if you’re their sole parent. If your children are adults, consider how your estate should be divided upon your death.
  • Consider purchasing critical illness insurance. If you become seriously ill or injured and you’re unable to work, the coverage will help you pay your bills and maintain your family’s way of life.
  • Look at your life insurance policy and make sure you have the coverage your family needs if something happens to you.
  • Review your home and auto insurance, and make sure the policies are in your name and include the coverage you need. You can cancel any policies that no longer apply.
  • Review your retirement plan. If you have RRSPs or other investments, determine what adjustments need to be made to ensure a comfortable retirement.

For more information, talk to your Financial Advisor.