Estate Planning: When a Spouse Dies

Losing a spouse is an emotionally challenging experience, and amidst the grief, there are practical matters that need attention. Navigating the legal and financial complexities can seem dauting, but proactively reviewing one’s estate plan becomes even more crucial to protect the interests of the surviving spouse and beneficiaries.

KEY STEPS:

1.     Gather Important Documents

Begin by assembling their will, trust, life insurance, retirement account information, deeds, etc. These will serve as a roadmap for understanding the extent of their assets and liabilities.

2.     Notify Relevant Parties

Inform financial institutions, lawyers, accountants, employers, and government agencies. Notifying these individuals can ensure timely processing of benefits and initiate necessary legal proceedings.

3.     Review Beneficiary Designations

Review the designations on retirement accounts, life insurance policies and other accounts. These beneficiary designations take precedence over a will or trust, so make sure they are up to date!

4.     Evaluate Financial Needs

As a surviving spouse, one needs to assess the income sources, expenses and outstanding debts or obligations. It may be necessary to revise your budget with a Certified Financial Planner®.

5.     Update Estate Plan

Reviewing and updating one’s estate plan may involve revising the will, trust documents, powers of attorney and health care directives to reflect the current wishes of the surviving spouse. Consult with an estate planning attorney to discuss those changes.

Take a breath! Navigating the emotional, legal, and family complexities can be overwhelming. Remember, you do not have to go through this alone. Reach out to an estate planning professional for legal matters. This is a guide; if you have further questions, do not hesitate to connect with us at (503) 292-1041 or info@allentrust.com.