We all know that it is not uncommon for one spouse to be the primary decision-maker when it comes to managing a couple’s money. But this approach can have consequences. One major consequence is if the spouse with the hold on the couple’s financial situation becomes incapacitated or dies, the other spouse may find themselves adrift financially as well as emotionally. It goes beyond that – often times if the surviving spouse doesn’t understand why certain financial decisions were made they will turn to their adult children for an explanation, and those children may jump to the erroneous conclusion that the decisions that were made were ‘bad’ decisions or ‘unsuitable’ for their surviving parent – or even for themselves as ultimate beneficiaries. This is less often the case than the fact that the primary decision-maker may just have failed to communicate the rationale behind the decisions that he or she made. Call us if you would like to explore an avenue to let your extended family know that you have decided what to do with your funds only after good consideration of your options. We’re always here to help.
