Five Things You Should Do To Provide For A Surviving Spouse

The late, great Benjamin Franklin famously said that the only certainties in life are death and taxes. Many people spend infinitely more time on tax planning than death planning. Most people don’t want to come face to face with their own mortality. That sentiment is understandable, but given the inevitability of death, irresponsible. No one should saddle a grieving spouse with housekeeping details that could’ve been addressed much earlier.

An Orlando estate planning lawyer may seem to focus on wills, trusts, and other testamentary documents. But in reality, almost everything these lawyers do is geared toward making the difficult transition from life to death a little easier for everyone. Franklin also said that a stitch in time saves nine. In other words, preparation makes things easier. We’ve come up with five stitches in time that, in most cases, save many more than nine later.

Financial Accounts

All financial account information, including account numbers, online passwords, and contact information, should stay in one place. To maintain both accessibility and security, place all this information in a single document and save it on a thumb drive. Along with banks, credit cards, online payment portals (PayPal and so on), do not forget to include information for magazine subscriptions, gym memberships, frequent flyer accounts, and other non-monetary accounts.

Virtual Accounts

In 2004, Yahoo and a dead soldier’s family fought a rather embarrassing legal battle over the decedent’s email account. In addition to passwords, be sure your spouse has the necessary legal documents to access such accounts. To clear up any lingering misunderstandings, such accounts, and the terms of access to these accounts, should be spelled out in the will.

Assets

It’s easy to remember things like houses, cars, and retirement accounts. Don’t forget jewelry, collectibles, digital devices, and so on. Like the account information, give one copy of this document to your spouse, send one to your executor, and keep a third in a bank box or other secure location.

Survivor Benefits

Typically, once a pension payee dies, the benefits automatically go to a surviving spouse. Be sure that your pension plan has this rule in place. Also, see what documents, if any, the plan administrator needs in order to change payees.

Life Insurance

As a rule of thumb, most people should have about seven to ten times their annual salary in life insurance. That’s a very broad rule of thumb and it obviously does not apply to all families. The same attorney who prepares your will should be in the loop regarding life insurance benefits as well, because these policies can often go into a trust.

Connect With a Thorough Orange County Lawyer

Comprehensive estate plans address issues that affect the living and the dead. For a confidential consultation with an experienced guardianship lawyer in Orlando, contact Gierach and Gierach, P.A. Convenient payment plans are available.