Either by death or divorce, most of us will become suddenly single at some point in our lives. Widow is a scary word. It evokes sadness fear, heartache and tears. The prospect of living life without your chosen mate is too difficult to consider. However, there are legal consequences if you do not prepare your legal-life.
We never truly get over the loss of someone we loved very deeply. The survivor must cope not only with emotional loss, but also with a sea of changes in daily routines and future plans. In order to get your legal-life organized, you need a survivor’s legal road map. As newly single, your legal-life presents many challenges, such as dependent protection, asset organization, incapacity and legal decision-making authority, wealth transfer and post death issues.
You must take certain practical steps to secure your legal-life.
Step 1: Get your personal life together
Let yourself grieve.
Seek private support from friends.
Seek professional support.
Reinvent yourself. Learn something new / pursue new hobbies
Make new friends
Allow yourself to start dating again.
Get smart with your finances / organize your bills.
Make a bucket list and attack it
Step 2: Get your legal documents in order
Get Your Legal Documents in Order
Collect all of your important legal documents
Vehicle titles
Insurance policies
Firearm registrations
Safe deposit box location and instructions
adoption papers
birth certificates
Citizenship papers, if not born a U.S. citizen Death certificate of a spouse
Designation of guardian
Divorce papers
do-not-resuscitate orders
marriage certificate
prenuptial agreements
Veteran’s discharge documents
Store your important legal documents in a safe and accessible location
Let key people know where you keep important legal documents
Step 3: Organize your assets
Watch out for Joint ownership of bank accounts or other property, with a “right of survivorship.”
Understand how you hold your real property.
Inventory Other Important Items in Your Home
You should also inventory all the items in your home that have both sentimental and collectible value, such as photos, family jewelry or heirlooms, antiques, musical instruments, art, stamps and coins. Documenting these items on a video, along with their location, would also be a good idea to assist a surviving spouse or other family member in locating the item and determining its potential sentimental or monetary value.
Keep Documents in Fire-Proof Safe or Safe-Deposit Box.
Create a list of all assets, include account numbers, policy numbers, contact names and phone numbers.
Step 4: Review and change all of your beneficiary designations
Change must be in writing
Primary & Secondary beneficiaries
Verification – must obtain written proof
Update Beneficiaries and Titles of Ownership
To avoid a long, and potentially expensive, probate process, it’s essential for widows to update beneficiaries in cases where the spouse was a named heir. Beneficiaries listed on assets such as insurance policies, 401(k)s and IRAs take precedence over designations in a will or a trust.
Step 5: Plan to name a patient advocate to manage your health and personal decisions.
PoA for HC or Probate appointment of a Guardian
Nomination of agents - cautions
HIPAA
End-of-life decisions - If you are seriously ill, it is likely that others will have to make health-care decisions for you at some point. It is important to plan for this in advance. Advance health-care planning doesn’t require you to anticipate every medical decision. Rather, you need to think about and decide: Who you want to be your decision maker (your patient advocate), if you are unable to make decisions on your own? What guidance you would want to give your health-care decision maker for making health decisions for you?
Step 6: Plan to name an Agent to manage your Financial Affairs in case of incapacity.
Consider drafting and executing a financial power of attorney. A power of attorney is a written authorization for a person you name to act on your behalf for any purpose you spell out in writing. A financial power of attorney is particularly helpful for managing titled property, like financial accounts, a house, or a car when the principal becomes incapacitated. It is a general DPoA if it covers all financial matters. It is a special DPoA if it covers limited financial matters.
Step 7. Plan for the care of dependents
Guardianship of minors or other dependents
Special needs trust for disabled persons
Plan for your pets
Legacy plan / Creation of an “ethical will.”
Step 8: Wealth Transfer plan
Will vs. Revocable living Trust
Plan of distribution
Gifting formal v. informal
Step 9: Post-death Plan
Appoint a legal funeral/burial representative
Prepare a vital statistics sheet
Celebration of life
If you do not have all of the above, you need to contact us. Our law firm will help you through the legal transition from married to single. For 30 years we have helped clients get organized and proactively prepared. Just because you are now single, it does not mean you are alone. We can help you! All you need to do is contact us to schedule a consultation. Our system will help you re-organize your legal-life care plan. Do your loved ones a favor email us to get started today.