Yellowtail Financial Planning managing director Dennis Hall talks to Helen Morrissey about why he decided to write a guide to putting financial plans in place to deal with the death of a spouse.
Why did you decide to write this book and when is it due to be published?
We are going to do a launch for the book, Who Will it Hurt When I Die? on 31 October and it will be available to buy on Amazon as well as via our website. Writing this book has been a long and torturous journey.
It started about three years ago when we took a look at our client bank and we realised we had many single women, many of whom were widows. As advisers we have seen the problems these women have had to go through over the years when their spouse has passed away.
They can face a lot of problems and we felt that we should be able to provide them with some help on this area. When we have seen widows in the past many are embarrassed about their situation or were scared to come and see us in case they were steamrollered into doing something they didn't want to do.
We initially thought we could write some kind of guide that they could use to help them through this situation. However, when we actually started to interview our clients about this issue we started to understand that they would be unlikely to read something like that while they were bereaved.
We realised that we should be talking to clients as a couple before the event and get them to factor in what would happen should one of them die.
What kind of situations do your clients find themselves in once a spouse has died?
We see many people in this situation but as a snapshot we see many widows who just don't understand where the money has come from. It could be that their husband has looked after the finances and now they are gone the wife is unsure about what to do.
The younger people tend to approach you earlier as there are often young children involved and so they need to know what to do regarding their husband's pension or life assurance for instance as they need to support their family.
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