How to cope when spouses die young

Ms Rachel Brougham's husband died in a cycling accident in 2018. She suddenly faced a variety of complex financial decisions.

Those widowed in their 20s and 30s, few of whom may even have a will, can feel even more stunned and unprepared. Who expects to die that young? “Gather all your financial documents – bank statements, investment accounts, life insurance policies, wills – and get yourself organised,” he said. “If you feel lost, seek professional help from a fee-only fiduciary financial adviser who specialises in young widows and widowers. We understand your unique challenges and can tailor a plan that considers your income, debt, benefits and goals.”

The day he died, Ms Seib lost access to his health insurance. Her mother, who had moved in to help her financially and emotionally as her husband’s health declined, still lives with her and now pays half the mortgage. Her father took over her late husband’s car payments, and her family “helped me quite a bit”, she said. Her mother-in-law in Britain sent some money, and Mrs Truiett-Theodorson was grateful that their home in Baltimore had no mortgage. She deferred her student debt for 18 months and consolidated her credit card debt.Many young widows and widowers will also have to face their spouse’s debts, which can add an enormous burden if they are not discharged by creditors.

Mr Daniel Kopp, a certified financial planner who lost a spouse when he was 31, said it matters when the debt was taken on.

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