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Why should you update your estate plan after losing your spouse?

On Behalf of | Dec 14, 2022 | Estate Planning

Losing your husband or wife is heartbreaking, even if they’ve faced a long illness and it’s something you were both expecting. Planning for a life without them is something you never wanted to have to do.

One of the difficult necessities in life is thinking about what should happen to your possessions after you pass away, especially when you have children. When you’ve recently lost your significant other you may find that your own estate plan needs updating to make sure your loved ones are taken care of. 

You may need to update your will

If you and your spouse had wills that mirrored each other’s wishes, i.e. leaving the entirety of your estate to each other, you may want to update yours. 

For example, your husband or wife may have had a will that left everything to you in the event they pass away before you. If they have any children that are not biologically yours, there’s a risk they will not benefit from their mother’s estate at all when you pass away. If you have your own children, your estate would immediately pass to them and leave your spouse’s children unaccounted for. It’s important, therefore, to make sure your will represents exactly what you want to happen with your estate. 

Power of attorney may need to be changed

If you were both prepared and had each other as your power of attorney, you’ll need to appoint another person to do this for you. While this may be the last thing on your mind and not something you want to worry about, it’s a good idea to go through this process as early as possible. It makes sure you’re looked after by someone you love and trust in the event you need that help. 

Updating your estate plan can be an emotional process, especially if you’ve just lost a loved one. There are professionals who can help talk you through what you need to do and make things as easy as possible.