There are numerous scenarios that may force people to modify their estate plans. Acquiring or liquidating high-value assets can make estate planning revisions necessary. Adding new members to the family through marriage, birth or adoption may also force testators to significantly modify their existing documents.
The loss of a loved one can also have a major impact on the contents of an estate plan. Widows and widowers who have recently lost a spouse may have previously created an estate plan jointly with their now-deceased partner. They likely need to review and modify their documents to ensure that their estate plan properly protects them.
What types of revisions are usually necessary after the death of a spouse?
Removing the spouse from the documents
People often include their spouses among their primary beneficiaries. They want to ensure that their spouses are comfortable and stable after their passing. Removing a spouse as a beneficiary may require modifications to multiple documents. Wills and trusts may name spouses as beneficiaries. People may even need to file updated beneficiary designations with their life insurance companies.
Additionally, spouses may hold positions of authority in estate planning documents. People may need to choose a different personal representative, medical agent or trustee.
Ensuring personal protection
People who have lost their spouses may need to drastically alter their estate plans. They may need to draft documents that were previously unnecessary, such as powers of attorney. Without a spouse, there may not be another adult available to handle financial matters or make medical decisions on behalf of a widow or widower.
Powers of attorney and advanced medical directives can help ensure that people receive appropriate support if they have an emergency after their spouses pass. Older adults who lose their spouses may need to ensure their loved ones understand their medical preferences and that there is someone with the authority to support them in an emergency.
The exact adjustments necessary depend on an individual’s circumstances. Reviewing an existing estate plan with a skilled legal team can help a surviving spouse make the modifications necessary for their own protection and better ensure that their legacy has a positive impact on beneficiaries of their choosing.