Updating Your Estate Plan After Losing a Spouse in Oklahoma

Most married couples name each other as the primary beneficiaries of their estates. This is quite common and expected in most cases, but what happens when one spouse dies? The surviving spouse may need to update their estate plan to name a new beneficiary, appoint a new executor, or make other changes. Keep reading below to learn exactly what you need to know about updating your estate plan after losing a spouse.

The Effect of Losing a Spouse on Your Estate Plan

More than likely, your spouse’s name appears in many places in your estate plan. They may be listed as the primary beneficiary of your estate in your will or as the successor trustee of a revocable living trust. For legal purposes, the provisions of your estate plan that name your spouse are no longer valid.

If you are predeceased by your spouse, then your spouse’s portion would typically automatically fall to your children. However, things get a little trickier when assessing things like a power of attorney or advance health directive. Instead of relying on the default fallback provisions of the law, the better option is to make updates to your estate plan so that there are no questions about your current wishes.

Reviewing Your Estate Plan After Losing a Spouse

Losing a spouse is extremely difficult, and the thought of updating your estate plan may seem too emotional. However, in order to protect your family and your finances, you should do so as soon as you can. The specific changes that you need to make will depend on your current estate plan as well as your current goals and wishes.

As a good starting point, you should review your:

Last Will and Testament

You should review your will to ensure it includes your latest wishes for how your estate should be distributed. This may require removing your late spouse and adding new primary and secondary beneficiaries. Also, if your spouse was named as your personal representative, you will need to make changes there as well.

Revocable Living Trust

More than likely, your spouse was named as successor trustee of your trust. You will need to name a new successor trustee, and you might also need to update your beneficiaries and distribution rules.

Power of Attorney

If you have appointed your late spouse as your agent through a durable power of attorney, you will need to choose a new agent. This should be someone that you trust to handle your finances or other affairs in the event you are unable to do so on your own.

Advance Health Directive

Review your advance directive or healthcare proxy and appoint a new decision maker if necessary. Having these documents in place can help prevent your family from being forced to make these difficult decisions.

Get Help With Your Estate Plan

If you have recently lost a spouse and need help with your estate plan, contact the team at Helton Law Firm for a consultation. We can perform a thorough review of your existing plan and help you move forward with any necessary changes to account for your recent loss.