Death of a Family Member

When you lose a loved one, the furthest thing from your mind is finances. Bear in mind that everyone grieves differently, and remember that you don't have to grieve alone. Don't be afraid to call on your family and friends for love and support. If you find that the struggle becomes too much to bear, there's no shame in reaching out for help. Many communities offer counseling services, which you can find with a simple online search. You can also consult with your family doctor, or hospital. 

What to do next?

If you've never gone through the death of a loved one, Service Canada offers detailed information on what you need to do next.  servicecanada.gc.ca/eng/lifeevents/loss

Handling finances

There are likely to be a number of issues that need to be looked at. If your loved one was the primary provider, you may be concerned how the loss of income will affect you and your family. It largely depends on your family member's estate planning. Is there life insurance? Who are the listed beneficiaries of RRSPs and RRIFs? What about jointly held property and other assets? If no beneficiaries are named in the will, these assets might simply become part of the estate. ACU will be glad to help. Just ask us.

Estate resolution

If the deceased has left a valid and up-to-date will and named an executor, your first step should be to contact the executor. If there is no will or if you have been named executor, contact a lawyer as soon as possible.

 

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