Money Matters

Those who have been widow (ed) think about money alot. Of course, we think about our loved ones, too, but they can no longer help us put food on the table and keep children in ipod shuffles. Occasionally, a very lucky widowed person finds that they do not have to worry about money - wills have been written and are valid; life insurance companies pay out (rather than finding a reason for non-disclosure or reduced payment); employer's provide death in service benefits. More often than not, however, one or more of these provisions fail (or were never in place to begin with). Loved ones die intestate with debts and mortgages; they might have lied on their insurance forms; and they often leave expensive, 21st century children who suddenly have to adjust their expectations. State benefits are inadequate because the newly bereaved parent is now a SINGLE parent - a marginalised person who must pull their weight in the formal economy. Our years of loyal marriage count for nothing - in fact, those who are separated by death are disadvantaged compared to those who are separated by divorce. Our widowed parent allowance is taxed, and so is any pension from an employer, whereas those who receive child maintenance on a divorce settlement do not have to pay income tax on that amount. This is an injustice and a kick in the teeth to those who were married 'until death do us part' - keeping promises brings no tax benefits.

For a really good article on death and finances - the MoneyObserver published 'Death and its Financial Consequences' in their December 2007 magazine.

For a almost racy read on personal finances for women - 'Love is not Enough - A Smart Woman's Guide to Making (& Keeping) Money' by Merryn Somerset Webb