The loss of a spouse is an emotionally challenging time. Naturally, the thought of estate planning in the wake of such loss, can be overwhelming. However, it’s important to acknowledge that estate planning is a vital step to help ensure the security and well-being of both you and your loved ones.
Therefore, you might want to seek legal help in revisiting and updating your estate plan after losing your spouse. Getting this done on your behalf can allow you the time you need to mourn your loss without compromising your financial security. The right legal team can protect your assets by making sure your estate plan aligns with your new circumstances.
Gather and review financial documents
When you partner with a dependable legal team, they’ll let you know the documents you need to review and update your estate plan. They’ll likely suggest that you start by collecting all financial documents, including your spouse’s:
- Will
- Trust
- Insurance policies
- Investment accounts
- Property deeds
- Retirement accounts
Locating these pertinent documents can help you understand the complete picture of your shared financial life. With this insight, you can make informed decisions to help protect your household’s financial interests.
Update beneficiary designations
Many assets, such as life insurance policies and retirement accounts, are transferred directly to named beneficiaries and do not pass through a will. After your spouse’s passing, try to ensure that these designations reflect your current wishes. You may need to add or remove beneficiaries to align with your new situation.
Revise your will and trust
Your will and any existing trusts should be reviewed and updated to account for the absence of your spouse. This includes appointing a new executor or trustee if your spouse was previously designated for these roles. Consider revising distributions to other family members or heirs to reflect any changes in your priorities.
Evaluate tax implications
The death of a spouse can bring significant tax considerations. For instance, you may qualify for a higher estate tax exemption if your spouse’s exemption is transferable under the law. Seeking guidance from a reliable legal team can help ensure you understand your obligations and opportunities.
While revisiting your estate plan may feel daunting during a time of grief, it is an essential step toward regaining a sense of control over your future. By addressing necessary updates and seeking reliable legal support, you can work to safeguard your financial security, honor your spouse’s memory and help ensure a stable future for your household.
