Updating Your Estate Plan After The Loss Of Your Spouse
Your spouse is likely to play a major role in the different functions that comprise your estate plan. But, in the event that your spouse dies, it will no longer be possible for them to perform those functions.
Going over the different facets of your estate plan that may need to be updated in the event that your spouse passes away, while speaking with a lawyer at the Millhorn Elder Law Planning Group will ensure that your estate planning wishes continue to be satisfied.
What Happens If Your Spouse Passes Away Yet They Are A Major Part Of Your Estate Plan?
The answer, to the question outlined above, is twofold: your spouse will no longer be able to perform the estate planning functions designated for them while also no longer being able to receive the assets you wish to give them.
Just as an example, if your spouse was given the right to make medical decisions for you, in the event of your incapacitation, you will need to designate another individual to serve this role.
Yet another example is as follows: if you want to give a few assets to your spouse, such as a car and some of your furniture, another person will need to be the beneficiary of those assets.
To modify the facets of your estate plan that your spouse was a part of, you should work with a lawyer who knows how to help you do this.
What Parts Of Your Estate Plan Should You Update After The Loss Of Your Spouse?
You should update the following, after the loss of your spouse:
- Your power of attorney.
- Your bank accounts.
- Your retirement accounts.
- Your life insurance policy.
- Your will.
- Your trust.
Every single one of the above must be updated, in the event that your spouse passes away. And, the main reasons for this, are as follows:
- Your power of attorney will make important choices for you when you are unable to do so. But, if you don’t have a living power of attorney, you cannot ensure that your wishes are honored.
- Your bank accounts will go to the people who have been designated. If they are no longer alive, it will be harder for them to go to a living beneficiary.
- Your retirement accounts will also go to the people who have been designated. And, if they are no longer alive, it will be more difficult for them to go to a living beneficiary.
- Your life insurance policy contains funds that may be set to go to your spouse. But, if they are no longer alive, you must set this policy to go to a living beneficiary, or it may go unclaimed.
- Your will contains all of the assets you wish to give your beneficiaries. To ensure that these assets go to your living beneficiaries, you must list them within your will.
- Your trust holds the assets you wish to give your beneficiaries, in a manner that helps you bypass the probate process. Choosing a living trustee, and living beneficiaries, will help your trust continue to work.
All of the points outlined above will help you satisfy your estate planning goals.
Speak With A Florida Estate Planning Lawyer Today
If you would like to develop an estate plan, or update your current estate plan, you should talk to someone who can help you. Speak with a Florida estate planning lawyer today. Contact Millhorn Elder Law Planning Group and we will help you develop/update your estate plan.
Sources:
law.cornell.edu/wex/beneficiary
law.cornell.edu/wex/power_of_attorney
