Have you been recently Widowed?

3 Things to do immediately following your spouses death.

1. Contact your lawyer. If you do not have one, we can introduce you to one in your area. 
2. It's crucial to locate your spouse's original will and schedule a meeting with your attorney to go over its contents. In case you can't find the original will, consider reaching out to the estate planning lawyer who initially drafted your documents. It's worth noting that in certain states, there's a requirement to file the will within ten days of your spouse's passing.
3. Engage in a thorough discussion with your attorney to address any state and federal death taxes that may be applicable in your situation. Additionally, inquire about any unexpected one-time expenses related to the passing of your loved one. Your attorney will provide valuable assistance with tasks such as managing estate court filings, notifying creditors, and facilitating the distribution of assets. Their expertise will streamline this process, ensuring it is as smooth and uncomplicated as can be during this challenging time.

Why it is important for you to be involved during this time.

After the loss of a spouse, some individuals may inadvertently fall into common financial traps. It's essential to recognize and avoid these pitfalls to secure your financial future effectively.

Neglecting Long-Term Financial Planning: While addressing immediate financial matters is crucial, it's equally important to plan for the long term. Some individuals may maintain their investment accounts unchanged from when their spouse was alive, without considering whether this allocation aligns with their current needs and goals.

Relinquishing Financial Control: Another common mistake is giving away financial decision-making power to well-intentioned family members, such as children, siblings, or parents. While their intentions may be good, they may not fully understand your unique financial situation and needs.