“The last thing a person wants to do is to declare bankruptcy.” This can be avoided by taking stock of finances and getting an understanding of what your finances look like now.
The assets that a person should review are retirement and brokerage accounts, equity in the home, mortgage balance and any other loans.
Reviewing your expenses and cash flow, will help you form a plan for your near-term and long-term future, which could impact college planning and retirement planning.
Your own estate plan:
If you lose your spouse and have children, appoint guardians as soon as possible, even if you aren’t ready to take a look at your overall will and estate plan, said New York-based estate-planning attorney Robert Steele.
When things “settle down,” you can then update your will and beneficiaries on any retirement plans or insurance policies.
To know more, go to the following article written by Michelle Fox from CNBC: https://www.cnbc.com/2020/07/16/financial-advice-after-loss-coronavirus.html