Family Bereavement

How to cope with the loss of a partner

We helped a recently widowed woman come to terms with the financial changes in her life following the death of her husband. We saw her through the process of re-assessing her financial situation, and helped her secure her future.

“Woodruff Financial Planning communicates well and explains complicated matters easily to the average person. Your honest and trustworthy manner gives me confidence that I am speaking to the right people about my financial goals.”

Angela Low, Investment Management client

Background

A client’s husband had recently passed away. He had always handled the finances, so while she was capable, she was unsure how his death would affect her future. She wanted to be sure that she would be secure. She also wanted to make sure that she did not make any serious financial mistakes.

Problems/Challenges

Major changes

Initially their main problem was one of income since the husband’s illness prevented him from working. They needed to re-assess their expenditure to find ways to address this situation.

Help needed

Previously the husband had handled all the family finances, which meant that the wife had only a limited knowledge of their existing provisions. She wanted to take control of her future financial direction.

Adjusting risks

We found that since her late husband had managed things himself there were a number of assets of different types and risks. She wanted to reduce the risks taken with her money so she would not worry about the future.

Our approach

Calculated how much they needed

We showed her the amount needed to secure her desired future lifestyle. This gave her peace of mind that she had enough assets and income to fund her future needs.

Easy to understand position

Her plan meant she could easily understand her options. This allowed us to examine some scenarios and to explore ways that she could improve her position.

Investment plan

We created an investment plan to generate a flexible income to fund her future in a tax efficient way, whilst taking the least risk necessary to achieve this.

Outcomes and Impact

A secure future

The client was able to feel secure in her financial future at a very difficult personal time.

Taking decisions

We helped them to make important decisions about their future income and their potential financial needs.

Secure investments

We helped her to arrange her investments so that she could achieve income and have the flexibility to withdraw money as needed. All this was done with a focus on taking very low risk while maintaining her future lifestyle needs.

Continuing Support

Each year we revise their financial plan so that we can react to any changes and re-assess whether they remain on target to meet their long-term goal of security.

We also examine their investment portfolio and aim to keep it on track towards its goals while taking the least risk needed to do so.