Rutkowski Law Firm

Widows and Widowers Must Pay Attention to Their Financial and Estate Plan

It is perhaps one of the most significant emotional events to lose a spouse. Coping with your grief can seem to take up all of your time but the business of life still marches on and it’s imperative that you have a financial plan and an estate plan to protect yourself during these difficult periods. As a new widow or widower in MI, leaning on your support system will be crucial.

Even though you will need to make some changes or shifts in the near future, you should never feel rushed with any decisions that might end up being ill advised. Don’t liquidate all of your stocks or sell your home, for example. If you and your spouse previously created an estate plan involving a living trust, a will or other documents, you’ll want to consult with your estate planning lawyer to determine what steps remain to implement these arrangements.

Furthermore, some of the other issues you will need to consider include applying for Social Security benefits, if applicable, and addressing life insurance issues. Going over the bills and debts and changing the name on financial accounts can be other steps to help you accomplish these immediate goals.

Planning for your future might seem very complicated during this period, but thankfully there are people within your support network who are going to help guide you through this process and answer questions as they arise. An important component of this professional team includes your estate planning lawyer in MI who can prove to be an instrumental support system for you as you try to determine what the future looks like.

 

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