The death of a spouse is a very stressful time for a widow. A person who loses a spouse is faced with the emotional and financial implications of having to settle the decedent’s estate. It is a good idea for both the husband and wife to have a well drafted will that clarifies issues like guardianship and how property will be distributed. A spouse should also maintain a separate account in his or her name in case any joint accounts are frozen after the loved ones death. It is also important to make sure the beneficiaries and titles of ownership are updated and that necessary support systems are planned for. Putting together an estate plan can offer financial peace of mind to individuals struggling with the loss of a spouse.
See Sandra MacGregor, The Widow’s Guide To Estate Planning and Wealth Transfer, Forbes, June 2, 2015.
Special thanks to Jim Hillhouse for bringing this article to my attention.
