Learn more about Burns Estate Planning & Wealth Advisors at
www.burnsestateplanning.com or call us at 800-309-4416
Advisors Coffee Chat episode 17!
Today Chris Burns and David Wasson are discussing: What to do when your spouse dies
1. How do I prepare my estate plan for a spouse passing?
a. Have a will or a trust
b. The more advanced your family is, the more advanced your legacy planning needs to be
2. How do I prepare my family?
a. Have your documents prepared
b. Your trusted child/ family member/ friend needs to know where those documents are
c. Discuss with your trusted person to ensure they understand your wishes
3. How do I prepare my managed money if I pass?
a. Ensure you beneficiary information is up to date
b. Does your insurance policy reflect your current wishes?
c. Have you ensured that your wishes for your managed money is updated in your estate plan?
4. How do I prepare my managed money if my spouse dies?
a. Has your managed money been stress tested to ensure you are financially secure on your own?
5. Won’t the surviving spouse automatically inherit my money?
a. Most likely, but how this is distributed depends on your state.
b. We recommend meeting with an estate planner to ensure your wishes will come to fruition according to the laws in your state.
c. A trust will hold true in all states, but wills are flexible to state’s laws.