How to deal with the financial repercussions after the sudden death of a loved one
The Globe and Mail, December 2023
Darcie Crowe interviewed by The Globe and Mail on navigating the sudden death of a loved one or family member.
“Darcie Crowe, senior wealth advisor and senior portfolio manager with Crowe Private Wealth at Canaccord Genuity Wealth Management Canada in Vancouver, says compassion and empathy should be the immediate first response for a client who has experienced sudden tragedy.
“We need to express our deep condolences and let the family know that we are here to support them in any capacity when they’re ready to begin working through the financial matters,” she says.
But Ms. Crowe acknowledges the family will often need several days or weeks to process its loss. If the deceased was a client, advisors can gather the important documents such as wills, powers of attorney for property and personal care, as well as insurance policies and have them ready for the executor and surviving family members when needed.
“We can get a head start on beginning the estate process,” she says. “This may entail processing account rollovers as we are able or taking the lead on coordinating with beneficiaries, lawyers and accountants so progress can be made behind the scenes if that is the family’s preference.”
Gathering information for the family
Ms. Crowe notes that when the grieving becomes more manageable, many surviving family members look inward at their own situations and are determined to make things easier financially for loved ones. Besides setting up wills, powers of attorney and life insurance to start, the executor needs to know where to find these documents, along with other paperwork such as tax returns, investment statements, property deeds and marriage licence, she says.
She also helps clients prepare a family emergency file, which details all the required documents they need to gather and notes for the executor on where to find everything. She suggests including contact information for all the client’s professional advisors, including lawyers and accountants.
Clients also need to consider their digital lives when they pass away, something that’s often overlooked, Ms. Crowe says. These days, most treasured photos exist online in the cloud and heirs would like access to them so they don’t lose the memories. She suggests setting legacy contacts for online accounts and having logins/passwords in the emergency file.
Family discussions about intentions are always a good idea to avoid estate squabbles in the future, she adds.”