Estate Planning as a Widowed Spouse After the Loss of a Loved One

One of the worst challenges you will ever encounter is the loss of your spouse. When you share a life with someone, losing them means losing more than simply your greatest friend and staunchest ally; it also means sacrificing a piece of who you are. Your spouse has left, and the horizon has taken on a new appearance. It might be challenging to handle administrative duties like revising your estate plan after becoming a widow or widower, but doing so is crucial. For guidance, contact an estate planning attorney in Ridgeland

Set aside some time to evaluate your estate plan and note any new gaps that have appeared once you have processed your sorrow and have the necessary space. 

You should first see if your spouse has been appointed to any of the following positions:

  1. Your Estate Executor

Many people elect their spouses to serve as their estate’s executors. This makes sense given that they are your closest confidante, but should they pass first, you risk significant harm to yourself. Your executor organizes your accounts and assets, takes care of any unpaid obligations, and allocates your assets to your beneficiaries. 

  1. A joint or succeeding trustee

If you are in possession of a revocable living trust, you are aware of the significance of choosing a co-trustee and successor trustee. This is the person who, in the event of your death, manages, invests, and distributes the assets in your RLT on your behalf. If your spouse was previously assigned to this position, you should review your trust agreement before appointing someone new since it frequently contains instructions on how to do so.

  1. A financial lawyer 

You should become incapacitated; the person you have designated to fill this position will make financial and legal choices on your behalf. Again, many people select their spouse here, so it is critical to update this information as soon as a spouse dies away.

  1. Medical Assistant

Do not forget about yourself while ensuring your finances are in order. If you cannot do so, a Healthcare Agent is in charge of ensuring your desires are followed out. Therefore, it is crucial to have such discussions so that your healthcare agent is aware of your preferences. 

  1. Designations as Guardians

If you just became a widow or widower and have little children or other dependents, you are undoubtedly under a lot of strain. Parenting is frightening, but parenting by oneself may be absolutely horrifying. A little gesture that provides significant peace of mind is choosing a guardian you love and trust to take over if something happens to you.