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Why families need financial plan before and after losing loved one
08th September, 2026 12:55 PM
The death of a loved one does not only bring emotional pain. For many families, it can also create financial uncertainty at a time when they are least prepared to make major decisions.
The recent death of Hafidh Ameir Hassan, husband of Tanzanian President Samia Suluhu Hassan, is a reminder of how quickly a family can move from ordinary life to making funeral and other arrangements following the loss of a loved one.
Ameir died on September 7, 2026, while receiving treatment in Zanzibar and was buried in Kizimkazi, Zanzibar, later that same day.
For ordinary families, having a financial plan before such an event can reduce some of the pressure that comes with bereavement.
Know what the family owns
One of the first problems families can face after a death is not knowing what the deceased owned or where important financial documents are kept. A financial plan should include a clear record of bank accounts, property, investments, insurance policies, pensions, businesses and outstanding loans.
Family members should also know where important documents such as a will, insurance policies and property records are kept. Clear documentation can prevent confusion and make it easier for those left behind to establish what needs to be transferred, claimed or settled.
Have money set aside for emergencies
Funeral expenses can arise suddenly, while the loss of a breadwinner can also affect a family’s income.
Having an emergency fund can give the family money to meet immediate expenses without having to depend entirely on loans or contributions from relatives and friends.
For households living from one salary to the next, even setting aside a small amount regularly can create a financial cushion for unexpected events.
Funeral expenses can include several costs, including mortuary charges, transport, and other arrangements, depending on the family’s circumstances. Some insurance products are specifically designed to help meet such expenses.
Consider life insurance
Life insurance can provide financial support to beneficiaries after the death of the insured person. This can be particularly important when the deceased was responsible for school fees, rent, mortgage payments, food or other household expenses.
Families should understand what their policies cover, who the beneficiaries are, and how claims are made. Having this information before a death occurs can prevent survivors from searching for documents or trying to understand a policy while dealing with grief.
Make a will
A will allows a person to state how they want their assets handled after death.
Without clear instructions, families may face disagreements over property, money, and other belongings. In Kenya, financial planning experts have also highlighted the importance of having a clearly written will, life insurance and proper documentation when preparing for the transfer of wealth.
A will should also be reviewed when major circumstances change, such as marriage, divorce, the birth of children or significant changes in assets.
Do not make rushed financial decisions while grieving
Planning is equally important after a death.
Grief can make it difficult to concentrate or make major decisions. Families may therefore benefit from dealing first with urgent expenses while giving themselves time before making significant decisions about property, investments or other assets.
Financial experts advise separating urgent matters from decisions that can wait, rather than making major financial changes immediately after a loss.
Protect the income of those left behind
The death of a breadwinner can change a family’s financial situation overnight.
A good financial plan should therefore consider how the household would survive if one source of income disappeared. This could include savings, insurance, investments and having more than one income stream where possible.
Planning for death may feel uncomfortable, but it is ultimately about protecting the people who remain.
A family cannot prevent death, but it can reduce the financial confusion that follows by preparing while everyone is still around to discuss money, documents, responsibilities and future needs.
