Check the background of this firm on FINRA's BrokerCheck.

Schomer Estate & Wealth Advisors

Los Angeles Estate Planning and Elder Law Attorneys

Connect With Us Today (310) 337-7696

Attend a Free Event
Home » Estate Planning » Important Estate Planning Steps for a Surviving Spouse

Important Estate Planning Steps for a Surviving Spouse

Estate Planning

The loss of a spouse is never easy to accept, even if their passing was anticipated. When the loss is sudden and unexpected, it can be even more difficult for a surviving spouse to move forward. If you recently lost your spouse, navigating the practical and legal ramifications of your spouse’s death may be particularly challenging as you are still working through your grief. Nevertheless, it is crucial that you take steps to protect the estate of your spouse as well as your own future financial stability. With that in mind, the Los Angeles attorneys at Schomer Estate & Wealth Advisors discuss important estate planning steps for a surviving spouse.

Navigating Estate Planning After the Loss of a Spouse: Essential Steps for a Surviving Spouse

The aftermath of losing a spouse is undoubtedly a challenging period, dominated by the weight of grief. Amidst the emotional turmoil, it might be tempting to postpone considerations of the legal, financial, and practical ramifications of your spouse’s passing. While your desire to avoid these issues is understandable, addressing them is crucial for your long-term well-being. To navigate the road ahead, it is best to engage the services of an experienced estate planning attorney to guide you through the steps that a surviving spouse should take, such as:

  1. Thoroughly review and analyze your spouse’s estate plan. While you may have a general understanding of your spouse’s estate plan, a detailed review with an estate planning attorney is imperative. This review may reveal surprises or overlooked assets. Additionally, if you’ve been appointed as the Executor or Trustee, there are specific responsibilities that require your attention sooner rather than later.
  2. Be mindful of deadlines relating to the transfer of assets. As a surviving spouse, you have the right to inherit an unlimited amount from your spouse’s estate without incurring taxes (assuming U.S. citizenship). However, a direct inheritance might unintentionally overfund your estate. Promptly consult your estate planning attorney to explore options that safeguard your inheritance. It’s crucial to be aware of deadlines associated with making certain elections to optimize your financial situation.
  3. Make sure you understand the tax implications related to your spouse’s estate. Understanding the tax implications of your inheritance is paramount. Decisions, such as whether to file your income tax return as a single individual or a widow, require careful consideration. Making a portability election can maximize federal lifetime exemptions. If you hold the role of Executor, filing income and possibly estate tax returns is obligatory. As a Trustee, you bear the responsibility of filing the trust’s tax return and settling any owed state and/or federal taxes.
  4. Review your own estate plan in light of your spouse’s passing. Given the likely interdependence of your estate plan with that of your late spouse, a comprehensive review is essential. Beneficiary designations, agent designations in Powers of Attorney, HIPAA releases, and fiduciary roles (Executor and Trustee) are critical aspects that may need adjustment.

Working with an Experienced Estate Planning Attorney

In navigating these steps, it’s crucial to recognize that addressing these matters promptly establishes a solid foundation for your future financial and legal well-being. While the process may seem daunting, the support of an estate planning attorney can provide invaluable guidance during this challenging period. Taking these steps now ensures that you not only honor your spouse’s legacy but also secure your own current and future financial and legal interests.

Are You a Surviving Spouse Who Needs Help with Estate Planning?

For more information, please join us for an upcoming FREE seminar. If you have additional questions about how to navigate estate planning as a surviving spouse, contact the experienced Los Angeles estate planning attorneys at Schomer Estate & Wealth Advisors by calling (310) 337-7696 to schedule an appointment.

Scott Schomer, Estate Planning Attorney
Latest posts by Scott Schomer, Estate Planning Attorney (see all)