It's certainly hard to think about the death of a partner and the financial impact it could have on the person left behind. But some things are especially important to think about, says Sharon Lavie, personal economist at Lendo.
The most important thing is to review the legal situation of the home, money and savings, she says.
Married people inherit from each other as a general rule, but cohabitants do not. That is why it is important to arrange wills. Having children from a previous relationship also means that you need to think through how you want it.
Be kind to each other. These are tough questions. But it's kind to make sure that whoever survives the other survives.
Home is important
Often, a home is the biggest asset and also the biggest monthly expense for a household. For those who remain, it can be difficult.
One piece of advice is to take out life insurance on the person who earns the most, with the other partner as the beneficiary. But of course, life insurance doesn't last forever, perhaps until age 65-70.
She also advises couples to review what other insurance and benefits are available, such as group life insurance and survivor's pensions.
If the joint home is to be sold after a death, it can only be done when the estate inventory is complete, which can take several months. The sale itself can also take time, so overall a buffer is needed to cover the cost.
You may have to sell for less than what the home is worth, too. It can be a good idea to calculate this.
She explains that it is the estate that is supposed to pay the deceased's debts. Survivors are not obligated to cover them - you can contact the creditors and tell them what happened. But you must be able to pay for costs that concern the survivor themselves.
Think ahead
If you have a mortgage on your home, it's not entirely obvious that the surviving partner can take over on their own, she explains. It may also be wise to proactively join a housing queue.
It's good to think about it in advance. It's hard to have a big loss and have to arrange new accommodation, perhaps without being able to borrow enough money.
If you have joint accounts, it becomes difficult for the person left behind to manage the money, she explains. The bank freezes joint accounts as soon as the death is registered until the estate inventory is complete, as well as the deceased's accounts.
You should have money in accounts in your own name too, says Sharon Lavie.
Sharon Lavie advises getting a handle on the situation in advance regarding, for example:
Group life insurance: Who is the beneficiary?
Occupational pension/contractual pension: Is there repayment protection? Who is the beneficiary?
Other insurance?
Will and bank details: Where is the will kept? Where is the money? What account numbers?
For survivors, information about what needs to be done is available in the Survivors' Guide, a site that collects information for survivors. It is primarily intended for survivors after the death has occurred.
The Survivors' Guide is a collaboration between the Swedish Social Insurance Agency, the Swedish Pensions Agency and the Swedish Tax Agency.
Source: Sharon Lavie, Lendo and the Survivors Guide
