No one is every ready for the loss of a spouse.
Nothing can prepare you for the death of your spouse.
You will miss your best friend.
You will experience incredible pain.
Emotionally, this time will be difficult.
Do not let it be difficult legally or financially as well.
Even if you have an estate plan with a will, durable power of attorney, health care power of attorney, living will, and revocable living trust, you will need to do a bit more.
But what?
According to the Idaho Statesman article titled “How to prepare for loss of a spouse,” working out these details will make the loss less burdensome.
Get educated.
You will need to know passwords and the locations of critical information.
Often the first stop in this education involves including your estate planning attorney, early and often.
Your attorney can help explain the finances and other documents.
Title property.
Your home should list both spouses on the title for the home to pass directly to the spouse, if it is not titled in a revocable living trust.
Update beneficiary designations.
Your retirement accounts, IRA plans and life insurance policy beneficiary designations trump your will.
Be sure these are updated so the proper person is receiving the assets.
Be sure both spouses are names on checking accounts.
Bank accounts should be owned and opened jointly for easy access for bill payments and end-of-life or funeral expenses.
Both spouses should also be named on credit card or utility bills so these can be paid and taken care of by the surviving spouse.
Choose Social Security wisely.
Claiming benefits directly after a spouse has passes will be difficult.
The amount you receive depends on how your spouse chose to receive his or her social security.
Review budgets.
If you are not involved in the financial flow of the household, this conversation is key.
You should know how much money is allocated and where it is allocated so you can continue to live responsibly and steward your resources well.
Losing a loved one is never easy.
Especially if it is your significant other for many years.
By taking care of these details and working with an experienced estate planning attorney, this hard time can be a little less difficult.
So, how do you find an "experienced" estate planning attorney?
First, ask around. Friends, family and other professional advisors are trustworthy sources.
Second, conduct an "organic" search on "Google" for "estate planning" near you (e.g., "Estate Planning Anytown MoKan").
Third, either way, verify! Check out the education, experience, ratings and client reviews of any attorney before you contact him or her.
How?
Two helpful online resources are just a mouse click away to assist with your due diligence: Avvo.com and Lawyers.com.
Check any Avvo ratings, client ratings/testimonials and attorney endorsements on Avvo.com and any "peer ratings" by judges/other attorneys and any client ratings/testimonials on Lawyers.com.
In fact, I use both of these services to thoroughly vett attorneys before referring members of our "client" family for legal help in other areas of law or for matters in jurisdictions outside Kansas or Missouri.
Remember: “An ounce of prevention is worth a pound of cure.” When making your financial, tax and estate plans, do not go it alone. Be sure to engage competent professional counsel.
Reference: Idaho Statesman (November 29, 2016) “How to prepare for loss of a spouse”
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