If you have recently experienced the death of a spouse, you know that the grief can be all-consuming. But as your grief begins to subside, you might find that the more mundane tasks associated with loss begin to surface. And one of those tasks is updating your estate plan.
The complexity of updating your estate plan varies based on the intricacies of your estate, but the following are some of the documents that most commonly need to be changed:
Your Will
This is typically the first document you think to update after losing a spouse. There are three main changes people usually make:
- Naming a Beneficiary: If your spouse was your beneficiary before, you need to select one or more new ones
- Naming an Executor: Many people choose their spouse to be the executor of their estate (the person who makes sure the estate is handled in the way the deceased would want), so in this case, you would need to find a replacement
- Naming a Guardian: If you have children who are still minors, you need to name someone to care for them if you pass away or are incapacitated
There may be more provisions of your will that need to be updated, but a qualified estate planning lawyer can help.
Other Beneficiary Designations
If you have brokerage accounts, life insurance policies, or any other accounts that require you to name a beneficiary, don’t forget to update these. If you aren’t sure what accounts may require beneficiary designations, an estate planning attorney will be able to discuss your accounts with you and guide you through the process.
Your Healthcare Power of Attorney
If something happens to you and you aren’t able to make medical decisions for yourself, you don’t want just anyone to make decisions for you. Many people name their spouse as a healthcare proxy. Upon your spouse’s passing, you will need to choose someone else you trust to make healthcare decisions.
Your Living Will
Your living will is another critically important healthcare document. A living will stipulates how you would like to handle your end-of-life medical care.
If your spouse was included in that document (for instance, if you specify that your spouse should be the one to decide whether you should undergo a certain surgery), you’ll need to make sure you update it. Once you complete that update, make sure to give a copy to your healthcare power of attorney.
Your Durable Power of Attorney
When you give someone healthcare power of attorney, you give them the right to make healthcare decisions for you if you are incapacitated. A durable power of attorney designation is similar, but it allows someone to make legal and financial decisions on your behalf if you’re incapacitated.
Many people give their spouses durable power of attorney. In this case, you would need to choose someone you trust (like a sibling or an adult child) to hold that power instead. Creating a power of attorney document can save your loved ones from enduring long and expensive court processes.
If you don’t have one and you’re suddenly unable to make important decisions, the court will have to choose a guardian for you until you can function normally.
Need an estate planning attorney in Palm Springs?
Estate planning can be uncomfortable. After all, no one wants to think of the day they leave this world. But at Heritage Legal, PC, we’re dedicated to giving you the peace of mind that comes with a detailed estate plan. If you need to create your estate plan or update an existing one, please don’t hesitate to contact us.