The nature of being an estate planning attorney means that I often work with clients who have recently lost their spouse. This is an emotionally challenging time and navigating the legal and practical issues that arise can feel overwhelming for someone whose spouse recently passed away. My goal is to ensure that surviving spouses understand the steps they need to take to safeguard their future and address the decedent’s estate. With that in mind, allow me to share some common estate planning steps you may need to take following the death of a spouse.
Key Estate Planning Steps for a Surviving Spouse
If you recently lost your spouse, you are likely still processing the emotional impact of your loss. While it may be difficult to focus on legal and financial matters, addressing these issues promptly can help secure your long-term financial stability. Meeting with an experienced estate planning attorney can guide you through the necessary steps, which typically include the following:
- Examine Your Spouse’s Estate Plan: Even if you are familiar with your spouse’s estate plan, it is crucial to review it in detail with an attorney. You may uncover forgotten provisions or assets that need attention. If you are named as Personal Representative of the estate or Trustee of a trust, there are specific legal and administrative responsibilities you must fulfill which makes consulting with an estate planning attorney as soon as possible even more important.
- Understand Deadlines for Asset Transfers: As a surviving spouse, you can inherit an unlimited amount from your spouse’s estate tax-free, provided you are a U.S. citizen. Transferring assets directly, however, may significantly increase the value of your own estate which should be considered. Legal strategies, such as disclaiming certain assets or transferring them to a trust can help protect your inheritance and reduce potential tax burdens. Keep in mind that there are strict deadlines for making these elections which underscores the importance of seeking professional advice promptly.
- Understand Tax Obligations and Opportunities: Inheritance often comes with tax implications that require careful planning. You will need to decide how to file your own income taxes, including whether to file as a widow or single taxpayer. Additionally, you might need to make a portability election to preserve your spouse’s unused federal estate tax exemption. If you are the Personal Representative of the estate or Trustee of a trust, you must also handle related tax filings, including income and estate tax returns for the estate or trust. Consulting a tax professional or attorney can help you meet these obligations and avoid costly mistakes.
- Update Your Own Estate Plan: Many married couples create reciprocal or joint estate plans, with each spouse effectively leaving everything to the surviving spouse and counting on that spouse to pass assets down to children and grandchildren. If your estate plan was designed to mirror your spouse’s or with your spouse in mind, changes to your plan will likely be necessary. Areas of your estate plan that you should likely review and potentially modify include:
- Beneficiary Designations: Your spouse may be listed as the beneficiary on numerous accounts. Review those accounts and ensure that they reflect your current wishes.
- Powers of Attorney: If your spouse was named as your Agent, update the agents named in your financial and healthcare documents to ensure you have someone trustworthy to act on your behalf.
- HIPAA Authorization: Review who is authorized to access your medical information and add someone new if necessary.
- Fiduciary Designations: You likely have your spouse named as the Personal Representative of your Will and/or the Trustee of a trust. You may need to appoint new individuals to these roles given that your spouse passed away.
Taking these steps with the guidance of a skilled estate planning attorney will help you address immediate concerns and ensure that your financial future remains secure.
Can We Help You with Estate Planning Following the Death of a Spouse?
For more information, please contact our estate planning office in Owings Mills, Maryland by calling 410-654-3850 to schedule an appointment.
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