The loss of a spouse is one of the most emotional experiences you will probably have to go through over the course of your life. The last thing you may wish to think about while you are grieving the loss of a spouse is something as seemingly mundane as updating your estate plan. Failing to do so, however, could lead to some unintended and unwanted consequences. An Indianapolis estate planning attorney at Frank & Kraft discusses five estate plan documents you should update following the death of a spouse.
- Last Will and Testament. For most people, a Last Will and Testament serves as the foundation of their estate plan. When a spouse passes away, you will need to remove your spouse as a beneficiary under the provisions of your Will. You may also need to remove him/her as the Executor of your estate and appoint someone new to the position. Your current Will should include language that accounts for the possibility of a beneficiary predeceasing you; however, knowing that you will be the last spouse to die may change how you want your estate distributed. Your spouse probably left you significant assets which changes the make-up of your estate assets. Your Will may also already have language appointing someone else as your Executor in the event that your spouse cannot serve; however, you now need to decide if that successor remains your first choice and, if so, who should be your replacement successor.
- Trust Agreement. A trust is a popular addition to the average estate plan. If your plan includes a trust, and you appointed your spouse to be the Trustee of the trust, you may need to amend the trust agreement to appoint a new Trustee. Again, your trust agreement should anticipate the possibility of the need for a successor Trustee; however, it still warrants a review. More importantly, the purpose for the trust should be reviewed considering your spouse’s death. Assets may need to be added to the trust. Terms may need to be updated. You may even find that the need for the trust no longer exists.
- Life Insurance Policies. Your spouse is also likely the primary beneficiary of your life insurance policies. Start by reviewing the continuing need for the insurance given the recent passing of your spouse. If you decide to retain the insurance, review and update beneficiaries.
- Advanced Directive. If you have an advance directive in place you probably named your spouse as your Agent, giving him/her the legal authority to make health care decisions for you if you are unable to make them at some point. This is not a document that you want to terminate; however, you will need to send some time deciding who you wish to appoint as your Agent now that your spouse is gone.
- Power of Attorney. If you have a comprehensive incapacity plan in place, a Power of Attorney may be part of that plan. If you do not yet have one in place, it is crucial that you create one in light of your spouse’s death. If you named your spouse as your Agent under a POA, that agency authority automatically terminated upon the death of your spouse. You may, however, wish to execute a new durable POA that names an adult child or someone else as your Agent so that someone can manage your assets in the event you become incapacitated. With your spouse gone, it is considerably less certain who would have the legal right to step in and make decisions and/or control your assets. That, in turn, increases the likelihood of a contentious court battle between adult children or other family members if you ever do become incapacitated. Executing a new durable POA is one way to avoid the likelihood of litigation.
Contact Indianapolis Estate Planning Attorneys
For more information, please join us for an upcoming FREE seminar. If you have additional questions or concerns regarding estate planning following the death of a spouse, contact the experienced Indianapolis estate planning attorneys at Frank & Kraft by calling (317) 684-1100 to schedule an appointment.
Paul Kraft is Co-Founder and the senior Principal of Frank & Kraft, one of the leading law firms in Indiana in the area of estate planning as well as business and tax planning.Mr. Kraft assists clients primarily in the areas of estate planning and administration, Medicaid planning, federal and state taxation, real estate and corporate law, bringing the added perspective of an accounting background to his work.Read More!
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