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Financial Advisor Kate Hyland.

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Mastering a Family Transition

Essential Strategies for Navigating Sudden Financial Leadership of Your Family's Investments

Article by Kate Hyland Mercer, Financial Advisor, Ferris Wheel Finance, Inc.

Originally published in Venice City Lifestyle

Suddenly finding yourself in charge of the family's financial accounts and decisions can be overwhelming. Whether due to unforeseen circumstances like a parent's incapacity or passing, or the dissolution of a marriage, taking on this responsibility can feel daunting. However, with a structured approach and support, you can navigate this challenge effectively.

Firstly, it's crucial to take a step back and slow down. Despite external pressures, rushing into major decisions isn't necessary. Allow yourself time to absorb the situation and gather essential information. Identify bills to be paid, locate account details, and gather relevant documents such as disability insurance records, 401K statements, and bank statements. By methodically collecting this information, you can proceed to the next step with greater clarity.

Secondly, obtain necessary legal documents such as death certificates or divorce decrees. These documents serve as proof of a change in circumstances and are a must-have for making alterations to accounts. Ensure you have both long and short forms of death certificates and consider requesting digital copies for convenience. Waiting until you have these documents before initiating changes is prudent to avoid complications.

Thirdly, reach out to professionals who may have already been involved in managing your family's finances. This includes bankers, financial advisors, or other family members who may be able to provide valuable guidance and support. If, after a while, it’s clear they don’t possess helpful information, feel free to seek out professionals with whom you better relate.

Navigating such significant changes in financial responsibility can be daunting, but it's essential to remember that support is available. At Ferris Wheel Finance, Inc., we specialize in assisting families during challenging times like these. If you require guidance or a second opinion on financial matters, don't hesitate to contact us at 941.483.3600. We're dedicated to simplifying the process for families and providing the assistance you need to navigate these stressful times confidently. (

Navigating significant changes in financial responsibility can be daunting. Remember, support is available at Ferris Wheel Finance, Inc.

  • Financial Advisor Kate Hyland.