Minnesota nonprofit helps widows take control of their finances
MINNEAPOLIS— Jo Nelson didn't know where to turn. After losing her husband Kyle in 2018, she quickly jumped back into work, overwhelmed with a long list of medical bills.
"I was just lost," she said. "I had some really large medical bills and I didn't know how I was going to take care of all this."
It wouldn't be until about a year and a half after Kyle passed that she acknowledged she needed help.
"It is a difficult time," Nelson said. "You're going through a lot of emotions, managing your house on your own, managing your finances on your own. There's a lot going on."
After some research she found Wings for Widows. The Minnesota nonprofit helps widows tackle finances after they've lost a loved one, free of charge.
Wings for Widows offers one on one coaching with a financial planner. According to the organization, only 14% of widows and widowers were making financial decisions by themselves before their spouse died. Founder Chris Bentley said the need for the niche service is high.
"It's a real crisis. I call it a crisis," Bentley said." "Because there's just not enough help out there. One million widows, 800,000 widows a year that don't have someone to turn to."
Bentley urges couples to plan ahead.
"We hear it everyday. I wish I paid more attention," Bentley said.
While it can be a grim conversation, he suggests getting legal documents in order. Things like a will, beneficiary and power of attorney. If one person manages finances, have monthly check-ins and attend financial meetings together. It's also a good idea to make sure both partners have passwords to important accounts. But perhaps the most important thing, Bentley says to have these conversations early.
"It's all about having those conversations when you're healthy, prior to loss, having them early when you're healthy. The final weeks or months of care is not the time to start addressing these important issues."
Nelson says Wings for Widows helped her wrap her arms around her situation and offered her advice on things she hadn't even thought of. She applied for a grant with Mayo Clinic—and with the help of Bentley and his team, 80% of her bills were covered.
"Oh my gosh, it was such a relief. Such a relief," she said. "…Without them I just don't know where I would have been."
Knowing what she knows now, Nelson urges others to get a handle on finances with their significant other before it's too late.
"I think every couple should know what everybody is doing. Even if you have one person who pays all the bills takes care of the finances, I think you should maybe do a monthly check in just so everyone knows what's happening," Nelson said. "If you don't know where the money is you're going to have a problem. And if you have an account set up separately and you don't have a beneficiary, and that's a big surprise for a lot of people."
In the last five years, Wings for Widows has helped thousands of widows across the nation. Along with pro bono work, the organization also offers classes and many other resources, all of which can be found online.
