Losing a loved one

Losing a loved one can have a significant impact on your mental well-being and also your financial well-being. During an emotional time, it’s hard to think clearly about what you need to do to ensure everything is in order. Here are three important considerations when managing your finances after a death in the family.

Plan the funeral 

If your loved one has a funeral benefit, this should cover most or all of the cost required for you to organise their funeral. Their beneficiary will need to contact the funeral benefit provider to organise for the funds to be transferred into their account. At APS, this process is made as seamless as possible with your nominated beneficiary receiving the funeral benefit funds within 24 hours of contacting the APS team.

“Very professional and caring. Quick and easy process for my father’s funeral plan payment. Thank you Kathy for your assistance at this sad and emotional time” – Helen


Manage the will 

Assuming your loved one had a will in place, you will need to access and manage the will with the support of the appointed executor. 

The executor is the person nominated in a will to administer an estate when someone passes. This involves determining the assets and liabilities of the estate and protecting any relevant assets, then distributing estate assets and paying any liabilities in accordance with the will.

Managing a will can be an overwhelming experience. If you have been assigned as an executor and need support to ensure the process is as seamless as possible, you can work with the team at APS Wills & Estates to ensure everything is carried out correctly.

Think about the inheritance

Receiving an inheritance should be a blessing, but for many, it is a burden during an already emotional time. There is the added stress of whether the funds need to be used in a certain way or making a decision that you believe feels right. 

If you have received an inheritance from your loved one, we encourage you to take your time and seek financial advice when you are ready. Eventually, discussing your goals and plans with a financial adviser is the best way to put the funds to the best use. 

Get in touch with the team at APS Financial Planning if you’re ready to discuss your options.