Estate Planning For A Widow

The loss of a spouse is one of the worst traumas a person can endure and will often leave one boggled on how to manage an estate that had traditionally been managed by two. But there are ways to minimize having to make crucial decisions while still in a state of bewilderment and depression by following some of these tips:

• Before death, spouses should seek professional help to draft wills for each one and clearly express how the estate is expected to pass. Being clear with wishes long before illness or death is the best way to protect the survivor.

• Make sure each spouse has a bank account in their own name with enough funds to cover expenses after death. If joint bank accounts are frozen in probate then the survivor might find themselves in financial need.

• Make sure all estate related documents, such as wills and life insurance policies, are updates with the names of the proper beneficiaries. Misnaming a person could lead to costly court cost and large sums of money passing to someone that was never intended.

• The most important planning technique is to make sure that you have a network of friends and family who may help through a post death crisis. The emotional turmoil from losing a spouse may cause people to make poor decisions that could be avoided if there are trusted people around to advise a better course of action.

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.