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Every couple understands the inevitability that one of them will outlive the other and perhaps spend many years as a widow or widower. Although it is a difficult topic to think about and can be a challenging conversation to broach with clients, as a trusted advisor, your role involves having these discussions to help your clients prepare for a secure financial future. The emotional impact of losing a spouse is immeasurable, and during this difficult time, the last thing the surviving partner wants to worry about is handling the details and decisions that follow a spouse’s death, let alone how to deal with financial matters that arise.

The Financial Impact of Losing a Spouse

For your female clients, in particular, given that women are statistically more likely to outlive their male partners, being proactive and empowering them to take control of financial planning is crucial. Unfortunately, many widows are unprepared to manage their finances independently, resulting in a significant number of widows finding themselves in poverty. According to the National Women’s Law Center, about 16% of widows 65 and older in the United States live below the poverty line. For many women, widowhood brings financial responsibilities they may have never handled before. The sudden burden of managing finances alone can be overwhelming, underscoring the importance of assisting women in securing their financial futures while their spouses are still alive.

As advisors, we can play an important role in improving the current harsh reality of widowhood. Financial preparedness is not just about managing money, but also about gaining independence and securing a stable future. Here are three actionable steps you can take to help empower your clients to prepare for a secure financial future and for peace of mind, today.

Three Ways to Help Your Clients Prepare for Widowhood

1. Assist your clients in assessing their current financial status – The first step toward financial preparedness is to encourage your clients to educate themselves about their current financial situation, and to help them navigate the complexities of personal finance. This includes helping them understand a full picture of all their assets, debts, investments, and insurance policies. Gaining a full understanding of their personal finances will eliminate any surprises if the the time comes for a woman to manage all of her finances independently.


2. Ensure your clients have an emergency fund, as life is unpredictable and full of unexpected twists and turns. Building an emergency fund is essential for everyone, regardless of marital status. However, it is of the utmost importance for women who may find themselves solely responsible for their financial well-being. Your clients should aim to set three to six months’ worth of living expenses aside in a separate savings account to act as a safety net during times of unexpected financial challenges.


3. Design a comprehensive estate plan – Estate planning is an often overlooked aspect of financial planning, yet is vital, especially for women. Take the time to provide your female clients with the information and resources they need to understand what makes a comprehensive estate plan and its importance. Ensure that important legal documents such as wills, trusts, powers of attorney, and healthcare directives are established or updated.

By assisting clients in assessing their financial status, ensuring they have an emergency fund, and designing a comprehensive estate plan, you can empower them to safeguard their futures and navigate the financial and legal challenges of widowhood confidently.

About the Author

Stacy Francis, CFP®, CDFA®

Stacy is a nationally recognized financial expert and the President and CEO of Francis Financial. She is a Certified Financial Planner™ (CFP®) and Certified Divorce Financial Analyst® (CDFA®) who provides advice to women going through transitions, such as divorce, widowhood, and sudden wealth. She is also the founder of Savvy Ladies™, a nonprofit that has provided free personal finance education and resources to over 25,000 women.