Life is not a smooth straight road, and during the course of your time on this planet, you will go through some complicated and sad times. Along with the difficult emotions that we need to deal with during these periods, there are very often a whole set of different financial complexities that come along with them. Knowing what to do in these circumstances can be hard, and very often you genuinely won’t know what to do for the best. Money mistakes are not uncommon when we are at our lowest points in life, and sometimes we just need steering into the right direction, or for someone to come and help us to get on top of a situation. Whether it’s a major accident or the loss of a loved one, things can be tough. Let’s explore a few financial tips to help get you through it.

When A Loved One Dies

One of the toughest things to go through is experiencing the loss of a loved one. Whether that is a parent, sibling, partner, or a close friend. Grief affects us in many different ways, and we all have our own way of dealing with things. But when it comes to losing someone that you are close enough to be financially linked to, there are so many complicated issues that arise in terms of money that it can really add to the situation that you may be struggling to deal with. 

Having to pay for an arrange a funeral for someone can push you into a lot of debt. You will no doubt want to give your loved one the funeral and grave that you feel they deserve. Hopefully there is life insurance coverage that can help pay for the final expenses. Talking with undertakers about financing options can be hard, and although it may be tempting to take out a loan to pay for it, I’d advise reconsidering and finding another way (something smaller perhaps) to make it work.

Then you may also need to consider probate matters: paying debts and selling assets are two major areas that you may need to focus your attention on in the weeks and months following the death of someone that you are close to. Not everyone dies having left their finances and life in order. Often, getting on top of the estate of a loved one can be difficult, and if you are the executor of the estate you may want to seek out specialist legal advice from a probate lawyer. 

Dealing With An Accident 

Accidents happen. It is a fact of life, and they can often come as a complete surprise. In many cases, a severe accident can turn the lives of everyone involved upside down. There may be medical bills to pay on top of having to worry about a loss of earnings. If you are insured, you may be able to claim for medical expenses and also get help towards the loss of earnings. 

Over time, if you are still unable to return to work after an accident it may be worth considering what other career options there are, and if there is any form of work that you could be doing during the recovery process.  There are many work-from-home jobs that may suit you and your skillset which you could switch to, at least until you are recovered. 

Find your peace and think straight

Unfortunately we live in a world where bad things happen, and many of us will face a crisis sometime in our lives. Take a deep breath, give yourself some time to grieve, and then with a clear mind and the assistance of a trusted advisor, start the tough process of dealing with the will and settling other financial matters. It’s also wise to have good insurance to step in when things get tough. Whether that’s good car insurance, good life insurance or good medical insurance, you don’t want to be caught without it. Often times an emotional event can lead you to make rash, ill advised decisions so do what’s necessary to get through the immediate situation, and think clearly through settling the rest!