It is hard enough dealing with the death of a spouse or partner, but it can become even more difficult when taking care of the financial issues of such a loss while grieving. Planning ahead can ease some avoidable financial sorrows. First, couples need to have an understanding of each individual’s assets and where they are located—life insurance policies, retirement plans, and beneficiary designations. Additionally, each partner should set up a durable power of attorney for health care and finances, with competent trustees. It will also be important to maintain openness and communication, so preparing an estate plan while you are healthy will be the best time. Ultimately, the goal is to protect the survivor and enable him or her to make informed decisions about the estate’s assets.
See John F. Wasik, Death Is Inevitable. Financial Turmoil Afterward Isn’t., N.Y. Times, January 13, 2017.
Special thanks to Joel Dobris (Professor of Law, UC Davis School of Law) for bringing this article to my attention.
