Nobody lives forever, but death isnt the most pleasant topic.
But even if youre among the1 in 3 Americanswho have a will, your work isnt done.
Its important to regularly revisit your documents and change your estate plan to reflect your current circumstances.
This is especially important after a spouse dies.
But a spouses death can be complicated.
These tips will help you tackle the task, one step at a time, when the worst happens.
You outlined your wishes with the assumption that the other party would survive you.
However, a spouses death will require you to dive back in.
I would go a step further and make some assumptions about who will likely die first, he said.
This can help in more advantageous planning.
It can be tough to know exactly what to tackle first.
That designates someone to handle your financial affairs and/or medical decisions if you become incapacitated.
In most cases, people give this designation to a spouse.
No Interest Til Almost 2027?
This can cause fights and delays.
Quickly switch who can make decisions for you if you cant, choosing someone you trust.
This keeps everything running smoothly.
Revisit Beneficiaries
If you have life insurance and retirement savings accounts, youve named a beneficiary.
Many of us will need long-term care at some point, she said.
The cost of care hovers around $100,000 per year.
For these reasons, a surviving spouse must take steps to protect their assets.
The death of a spouse tends to put life on hold for a while.
You may need to meet with your attorney to change your estate plan.
Stephanie Faris is a professional finance writer with more than a decade of experience.
