• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • Home
  • BLOG
  • Newsletters
  • Reviews
    • Our Reviews
    • Review Us
  • Videos
  • Contact Us
  • WhoWe Are
    • A Message From Mark Costley
    • Meet Our Team
    • Communities We Serve
  • WhatWe Do
    • Advanced Estate Planning
      • Asset Protection
      • Business Succession Planning
      • Charitable Giving
      • Family Foundation
      • Family Limited Partnerships
      • Grantor Retained Annuity Trust
      • Irrevocable Life Insurance Trust
      • Planning For Charitable Gifts
      • Special Needs Planning
    • Counseling Non-Profits
    • Elder Law and Special Needs Planning
    • Estate and Gift Tax Planning
    • Estate Planning
    • Power of Attorney
    • Probate & Trust Administration
    • Process
    • SECURE Act
    • Social Entrepreneurship & Business Law
  • WhyWe Do It
    • Peace Of Mind
  • Resources
    • Caregiving Resources
      • Caregiving Worksheets
      • Our Book
    • Definitions
    • Elder Law Reports
    • Estate Planning Resources
      • Estate Planning Articles
      • Estate Plan Checkup
      • Estate Planning Reports
      • Is Your Estate Plan Outdated?
      • Top 10 Estate Planning Techniques
    • Frequently Asked Questions
      • Elder Law
      • Estate Planning
      • Estate Planning for Parents
      • FAQs for Families Without an Estate Plan
      • Divorce and Your Estate Plan
      • Estate Planning for Women
      • Estate Planning 101
      • Legacy Wealth Planning
      • LGBTQ Estate Planning
      • Nursing Home Planning
      • Spliter
        • Philanthropy and Your Estate Plan
        • Planning for Dementia
        • Probate
        • Serving as Executor
        • Special Needs Planning
        • Tax Avoidance Planning
        • Trust Administration
        • Trust Administration & Probate
        • Social Security Retirement System
        • Will Contests
    • Pre Consultation Form
    • Probate Resources
      • Chapel Hill Probate
      • Raleigh Probate Resources
    • Professional Resources

Clarity Legal Group

Estate Planning Information Center

919-484-0012 Schedule Consultation
Attend a Free Seminar
  • WhoWe Are
    • A Message From Mark Costley
    • Meet Our Team
    • Communities We Serve
  • WhatWe Do
    • Advanced Estate Planning
      • Asset Protection
      • Business Succession Planning
      • Charitable Giving
      • Family Foundation
      • Family Limited Partnerships
      • Grantor Retained Annuity Trust
      • Irrevocable Life Insurance Trust
      • Planning For Charitable Gifts
      • Special Needs Planning
    • Counseling Non-Profits
    • Elder Law and Special Needs Planning
    • Estate and Gift Tax Planning
    • Estate Planning
    • Power of Attorney
    • Probate & Trust Administration
    • Process
    • SECURE Act
    • Social Entrepreneurship & Business Law
  • WhyWe Do It
    • Peace Of Mind
  • Resources
    • Caregiving Resources
      • Caregiving Worksheets
      • Our Book
    • Definitions
    • Elder Law Reports
    • Estate Planning Resources
      • Estate Planning Articles
      • Estate Plan Checkup
      • Estate Planning Reports
      • Is Your Estate Plan Outdated?
      • Top 10 Estate Planning Techniques
    • Frequently Asked Questions
      • Elder Law
      • Estate Planning
      • Estate Planning for Parents
      • FAQs for Families Without an Estate Plan
      • Divorce and Your Estate Plan
      • Estate Planning for Women
      • Estate Planning 101
      • Legacy Wealth Planning
      • LGBTQ Estate Planning
      • Nursing Home Planning
      • Spliter
        • Philanthropy and Your Estate Plan
        • Planning for Dementia
        • Probate
        • Serving as Executor
        • Special Needs Planning
        • Tax Avoidance Planning
        • Trust Administration
        • Trust Administration & Probate
        • Social Security Retirement System
        • Will Contests
    • Pre Consultation Form
    • Probate Resources
      • Chapel Hill Probate
      • Raleigh Probate Resources
    • Professional Resources
Home » BLOG » Estate Planning » Important Estate Plan Updates for a Surviving Spouse

Important Estate Plan Updates for a Surviving Spouse

Update their estate plan

For my clients, the loss of a spouse is one of the most emotional experiences they will ever go through. The last thing they usually want to think about while grieving the loss of a spouse is something as seemingly disconnected from their grief as updating their own estate plan. As I often point out, however, failing to update their estate plan could lead to unintended and unwanted consequences down the road.

I encourage anyone dealing with the loss of a loved one, and particularly a spouse, to understand that there is real work to be done to keep life going for themselves after this loss. Updating your own estate plan is an important recognition that your life goes on after this loss, but also, getting your own affairs in order — reducing you worries and knowing you’ve taken care of business — can give you the confidence and space you need to cope with the challenges of life without your spouse. It is never easy, and you don’t need any unnecessary worries.

What Needs to Be Updated?

Because every estate plan is unique, I encourage you to consult with an estate planning attorney to be certain you have made all the necessary updates if you recently lost your spouse. The following components, however, typically need to be reviewed and updated:

  • Last Will and Testament – For most people, a Last Will and Testament serves as one of the foundations of their estate plan. When a spouse passes away, you will need to should remove your spouse as a beneficiary and Executor under the provisions of your Will. Consult with your lawyer about who to name as Executor going forward and whether you want to change the provisions for distribution under the Will. Your existing Will likely includes language that accounts for the possibility of your spouse predeceasing you; however, knowing that you will be the last spouse to die may change how you want your estate distributed. Your spouse probably left you significant assets that change the make-up of what you Will might control at your death. Don’t forget, not all of you assets will be controlled by your Will and good planning may involve strategically organizing your affairs to bypass the Will. You and your lawyer should review and address any provisions outside of the Will that control distribution of property.
  • Consolidation of Accounts — The occasion of the death of a spouse can be the appropriate time to reduce the number of different accounts you have to simplify your affairs. In doing this you can literally be administering the estate of the first spouse to die and doing the estate planning for the survivor at the same time. Again, work with you estate planning lawyer to be sure the right choices are made .
  • Trust Agreement – A revocable living trust is an exceedingly popular addition to the average estate plan. If your plan includes a trust, and you appointed your spouse to be the Trustee of the trust, you may need to amend the trust agreement to appoint a new Trustee. Again, your trust agreement should anticipate the possibility of the need for a successor Trustee; however, it still warrants a review. More importantly, the purpose of the trust should be reviewed considering your spouse’s death. Assets may need to be added to the trust. Terms may need to be updated. You may even find that the need for the trust no longer exists. If you are older at the time of your spouse’s death, it may be that elevating your successor Trustee — perhaps an adult child — to be a Co-Trustee with you under your Living Trust, will make administration of your affairs during a possible incapacity or at your death, easier and more efficient.
  • Life Insurance Policies— Always take the occasion of the death of a spouse to review the beneficiary designations on life insurance policies and retirement accounts. If you spouse is named, they should be removed as primary beneficiary and new beneficiaries named in his or her place. In some cases you may conclude that the death of a spouse makes it no longer necessary to maintain the same amount of life insurance.
  • Advanced Directive – if you have an advance directive in place you probably named your spouse as your Agent, giving him/her the legal authority to make health care decisions for you if you are unable to make them at some point. This is not a document that you want to terminate; however, you will need to spend some time deciding who you wish to appoint as your Agent now that your spouse is gone.
  • Power of Attorney – if you have a comprehensive incapacity plan in place, a Power of Attorney may be part of that plan. If you do not yet have one in place, it is crucial that you create one in light of your spouse’s death. If you named your spouse as your Agent under a POA, that agency authority automatically terminated upon the death of your spouse. You may, however, wish to execute a new durable POA that names an adult child or someone else as your Agent so that someone has the ability to manage your assets in the event you become incapacitated. With your spouse gone, it is considerably less certain who would have the legal right to step in and make decisions and/or control your assets. That, in turn, increases the likelihood of a contentious court battle between adult children or other family members if you ever do become incapacitated. Executing a new durable POA is one way to avoid the likelihood of litigation.

Contact Durham Area Estate Planning Attorneys

If you have additional questions or concerns regarding the importance of updating your estate plan following the loss of a spouse, please contact the Durham estate planning attorneys at Clarity Legal Group by calling us at 919-484-0012 or contact us online.

  • Author
  • Recent Posts
by Mark Costley
by Mark Costley
Attorney and Founder at Clarity Legal Group®
With more than 30 years’ experience in private practice, Mark Costley has helped hundreds of North Carolinians with estate planning, living trusts, financial law, probate, and trust administration. Mark’s work involves elements of teaching, strategic analysis and planning, documentation, and assisting clients in implementing their plans. He is devoted to providing the best in planning, efficiency, administration, and asset protection. For more information, email Mark at mark@claritylegalgroup.com, call 919-484-0012, or visit us on the web at claritylegalgroup.com.
by Mark Costley
Latest posts by by Mark Costley (see all)
  • Why Liquidity Is Important Within Your Estate Plan - May 15, 2023
  • What Is the Medicaid “Spend Down” Requirement? - March 20, 2023
  • If I’m the Trustee Do I Need an Attorney to Help? - February 25, 2023

Date: January 5, 2021 Category: Estate Planning

Clarity Legal Group

Subscribe to Our Blog

Join the Clarity Legal Group® community by subscribing to our blogs addressing estate planning, elder law, asset protection, healthcare planning, special needs planning, charitable giving and more.

  • This field is for validation purposes and should be left unchanged.

Follow Us

Address

Clarity Legal Group
1414 Raleigh Road Suite 445
Chapel Hill, NC 27517
United States (US)
Phone: 919-484-0012

reply@claritylegalgroup.com

Mailing Address
PO Box 2207
Chapel Hill, NC 27515

Exchange West Office Map

Office Hours

Monday9:00 AM - 5:30 PM
Tuesday9:00 AM - 5:30 PM
Wednesday9:00 AM - 5:30 PM
Thursday9:00 AM - 5:30 PM
Friday9:00 AM - 2:00 PM

Map

clarity_sidbr_map

Clarity Legal Group is conveniently located in the heart of the Triangle, based in Chapel Hill and proudly serving the state of North Carolina including Durham, Cary, Apex, Pittsboro, Hillsborough, Holly Springs, and Raleigh.

  • About The American Academy
  • Disclaimer
  • Diversity
  • Sitemap
  • Privacy Policy
  • © 2023 American Academy of Estate Planning Attorneys.
    All Rights Reserved.
    Attorney Advertisement
  • Clarity Legal Group footer logo

    Clarity Legal Group is a registered Trademark and trade name for The Mark Costley Law Group, PLLC


    • Read Our 5-Star Client Reviews

"AV® , AV Preeminent® , Martindale-Hubbell DistinguishedSM and Martindale-Hubbell NotableSM are Certification Marks used under license in accordance with the Martindale-Hubbell® certification procedures, standards and policies."

x

Fill out the form below to access to the worksheets and checklists discussed in The Ultimate Caregiver Guide! After submitting this form, you can clic

  • This field is for validation purposes and should be left unchanged.