Estate Planning for Widows
Estate planning is an important consideration for anyone, but it can be especially important for widows who may be facing a new financial landscape. Estate planning can help ensure that your assets are distributed according to your wishes and can help protect your loved ones in the event of your death. Here are a few things to consider when estate planning as a widow:
1. Review and update your will: If you are a widow, it's important to review your will and make any necessary updates. This may include naming new beneficiaries, revoking old bequests, and appointing a new executor. If you don't have a will, it's a good idea to create one as soon as possible.
2. Consider using trusts: Trusts can be a useful tool for estate planning, particularly for widows who may have complex financial situations or who want to provide for a specific person or purpose. There are several different types of trusts, including revocable trusts, irrevocable trusts, and charitable trusts. It's a good idea to work with an attorney or financial advisor to determine which type of trust is right for you.
3. Review your beneficiary designations: It's important to review the beneficiary designations on your accounts, such as your 401(k) or life insurance policy, to make sure they are up to date. If you have not designated a beneficiary or if your designated beneficiary is no longer alive, your assets may not be distributed according to your wishes.
4. Consider using a power of attorney: A power of attorney is a legal document that allows you to appoint someone to make decisions on your behalf if you are unable to do so. It's a good idea to consider creating a power of attorney, particularly if you are a widow and may not have a spouse to make decisions for you.
5. Review your estate tax situation: If you have a large estate, it's a good idea to review your estate tax situation with a financial advisor, attorney and accountant. They can help you understand your options for minimizing estate taxes and help you develop a plan to protect your assets.
In conclusion, estate planning is an important consideration for widows, and it's a good idea to review and update your estate plan regularly. By reviewing and updating your will, considering the use of trusts, reviewing your beneficiary designations, and considering the use of a power of attorney, you can help ensure that your assets are distributed according to your wishes and that your loved ones are protected.
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Jeremy Raffer, MBA
Director, Partner & Wealth Manager
m. 201-773-4641
e. jeremy.raffer@stewardpartners.com
Steward Partners Global Advisory, LLC
Country Club Plaza
115 W. Century Rd, Suite 145
Paramus, NJ 07652
The views expressed herein are those of the author and do not necessarily reflect the views of Steward Partners or its affiliates. All opinions are subject to change without notice. Neither the information provided nor any opinion expressed constitutes a solicitation for the purchase or sale of any security. Past performance is no guarantee of future results.
Steward Partners Investment Solutions, LLC (“Steward Partners”), its affiliates and Steward Partners Wealth Managers do not provide tax or legal advice. You should consult with your tax advisor for matters involving taxation and tax planning and your attorney for matters involving trust and estate planning and other legal matters.
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