As hard as we try to manage our finances, save money, invest prudently, run our enterprises diligently or excel in our careers, life has an unwelcome habit of throwing curveballs at us. Some may seem devastating but are only really an annoyance. Car trouble, a broken washing machine or a leaky roof may seem like the ends of the world but they are all issues that can be resolved with a little investment in the right help and / or effort on your part. But how many of us would be prepared if something truly tragic happened. If any of us lost a loved one; a husband wife, girlfriend of boyfriend the loss would be all encompassing. While we may not want to think about such a dreadful occurence, we must nonetheless be prepared for it. No matter how healthy and relatively risk free our lives may be, there’s always a chance that someone could be taken from us by unexpected illness or accidental injury.

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As devastating as this may be, it also has the potential to be ruinous to our household finances unless the proper preparations are made. If you lay down the right financial infrastructure for one another and know what to do if the worst should happen you can prevent an emotional trauma from being a financial trauma too…

Make sure that you both have the right life insurance for you

Far too few people have life insurance, but it really is essential in protecting your loved ones from unnecessary expenses like funeral costs. The right life insurance could leave you with a lump sum to ease your financial situation in the event of your partner’s loss. However, it’s important not just to get any old life insurance but the right policy for you depending on your age and health. A healthy person in their thirties and forties can expect to pay a lot less than a heavy smoker. Avoid the commonly made mistakes when choosing a life insurance policy such as getting inadequate cover for your needs, buying the wrong policy or (perhaps worst of all) leaving it too late.

Get a lawyer

When someone dies, this sets in motion a complicated chain of legal events in settling the estate. While you are not legally obliged to enlist a lawyer in helping with this, it’s in your best interests. If your spouse was killed as a result of corporate, workplace or medical negligence, a lawyer like Blumenshine Law Group will help you to get justice for this. It’s vitally that both you and your spouse make a will even if you’re both very young. 64% of Americans die without making a will and if your partner dies intestate it’s likely that a lot of their assets will go to the government. It’s also a good idea to use the same lawyer who made your will after a loved one dies as the continuity will make the complicated legal processes a little easier.

Even if there’s no will, there’s still a way

If your loved one dies without making a will you can still make a life insurance claim. Be advised, though that it will likely take a lot longer. As you will still have bills to pay when the estate is settled this can cause you financial distress which will only add to your already difficult situation.

Nobody wants to think about the death of a loved one, but making the right decisions now will make this difficult time a lot easier to bear in the future.