Client Snapshot

A widow had been the wife of a Wescott corporate client. The husband handled all of the family’s finances and the woman, in her 60s, needed the guidance of a trusted friend.

Situation and Outcome

It was supposed to be a storybook retirement for a well-off couple with grown children.  The husband had been a senior executive at a privately-held company, and the wife was a homemaker.  When he was ready to embark on retirement planning, the husband’s attorney suggested he contact Wescott.  After an initial conversation, the husband said he’d call back after his upcoming vacation.  The call never came.

An attorney called Wescott a few months later to say the husband had died suddenly and Wescott was invited to present a plan for managing the widow’s finances.  Knowing the widow’s limited knowledge of financial affairs, the Wescott team created a proposal to plan for her life ahead, while preparing her estate for the next generation.  Ultimately, Wescott was named the financial advisor.

The team quickly went to work on the woman’s finances and estate planning. Her will was redrawn to leave her estate to her grandchildren, whom she’d helped support through college.

During an initial meeting, the Wescott team spoke with the widow, as well as her attorney, and asked about her wishes for the future.  They absorbed her responses.  During the meeting, the widow shared with the Wescott advisors, why they were invited to present a proposal upon her husband’s death.  During his last weeks, the husband hurriedly organized his affairs.  He left his wife a note with several to-dos. One was to “Call Wescott.”

Today, the husband’s suggestion has led to a deep relationship between Wescott and the woman.  Her finances are solid, her knowledge of her holdings is keen and growing, and she is comfortable in knowing that her husband’s wishes—that she have a financial advisor to look after her when he can’t—have come true.

Lessons Learned

Death can be sudden and sometimes people are unprepared.  Finding a trusted advisor who will act as an advocate and guide someone through a difficult time helps alleviate worries and brings comfort and security to a family.