The death of a spouse can generate numerous challenges for the surviving person in terms of the familiar, estate and financial responsibilities. This is particularly challenging for someone who must suddenly step into a leadership role in these areas of their life when those tasks were previously associated with the now-deceased spouse.
One of the most important steps for both spouses to take now in order to avoid one spouse being negatively affected in the future is to get a list of assets and where they are all located. Finding these assets quickly in the event of a crisis or emergency can be very difficult if one person has not been primarily responsible for the family’s finances.
Managing the household budget or paying bills doesn’t always equate to being informed about life insurance policies, survivor benefits or brokerage accounts. In the event that one spouse doesn’t know the other’s password, this can add an additional barrier that causes problems down the road. Scheduling a consultation today with an experienced estate planning attorney is strongly recommended if you wish to have a better plan of your next steps.