Coping with the loss of a parent
Death is never easy – and losing a parent is among the most emotional and difficult of losses. It doesn’t matter if your parent’s passing was long expected or sudden, your life is transformed when someone close to you dies.
You may not realize it at the time, because the death of a parent is always a sad and difficult event, but a new beginning will be waiting for you when you are ready. A new beginning could give you an opportunity to make sure your parent’s legacy is passed on as they wished and a chance to use an inheritance in a way that makes the most sense for you and your family.
Before you look to the new beginning, it’s important to grieve the end. Crying and expressing feelings of sadness, anger and loss are all necessary releases. And while the shape of your grief will be known only by you, the grieving process is one that is shared by many people and one that you don’t have to do alone.
Coping with grief
Get the help and support you need for your grief. If you’re looking for support, consider these helpful tips:
- Talk with a counsellor.
- Join a support group.
- Exercise regularly to work off tension.
- Avoid caffeine, as it makes sleeping more difficult.
- Seek balance in your life – rest, reading, work, recreation and meditation are all important to your physical and mental health at this stressful time.
Making final arrangements
Since making final arrangements can make a very difficult time even more difficult, here is a helpful list of tasks that typically need to be addressed when a loved one passes:
- Contact a funeral home.
- Locate all related estate documents.
- Obtain the death certificate.
- Arrange for ongoing expenses to be covered until the estate is settled.
- Arrange for uncashed cheques to be paid to the estate.
- Meet with a lawyer, an accountant and the executor (if it’s not you) to ensure that the estate settlement is properly handled from a legal perspective and the tax consequences are minimized.
- Talk with family members about the deceased’s personal belongings.
A time of mixed blessings
As you continue to deal with your loss, you may discover you’re receiving an inheritance. This news will come with mixed emotions. On the one hand, you’ve lost someone dear to you; on the other, your inheritance can provide additional financial support for your family.
An inheritance can come in the form of:
- gifts of property,
- trusts, and/or
- financial gifts.
When deciding what to do with an inheritance, it is important to consider the potential tax implications, legal requirements and investment options but, only you can choose what’s comfortable for you.
In this difficult time, consider putting off making any major decisions until enough time has passed to make decisions with a clear mind. There is no rush; take the time to think things through. When the time is right, your lawyer, accountant and an Investors Group Consultant can help you handle the inheritance wisely. Then, together with an Investors Group Consultant, you can prepare a new financial plan based on your new beginning.
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This article, written and published by Investors Group Financial Services Inc., is presented as a general source of information only and is not intended as a solicitation to buy or sell investments, nor is it intended to provide professional advice including, without limitation, investment, financial, legal, accounting or tax advice. For more information on this topic or on any other investment or financial matters, please contact your Investors Group Consultant.
© Copyright 2008 Investors Group. All rights reserved. Do not reproduce without the express written consent of Investors Group
