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In the News – Estate Planning for the Uninitiated

Published 5/23/2019

In the Wall Street Journal, Anne Tergesen underlines the importance of being prepared for the unexpected passing of your spouse. The situation never arises at a good time so it’s best to prepare yourself for if and when this time comes.  

You both have the ability to take your financial futures in your hands today. Tergesen stresses the importance of hiring both a financial planner and an accountant the two of you like and feel comfortable with. Ask the people around you for recommendations as well as be sure to sit down with these professionals to see if they are the best fit for the both of you.  

Don’t wind up in a financial pinch.  


Be sure to have both of your names on all billing accounts. The last thing you want is to not have access to your finances because they are only in your spouse’s name. Also, make sure you have the login credentials to banking accounts. To ensure your finances are taken care of properly if both of you pass, put passwords in your wills.  

It is notable to avoid making any rash decisions, especially concerning distributing money. Be sure your bases are covered before giving away money you may need. Tergesen recommends waiting at least a year or until the surviving spouse has adjusted emotionally.  

If you are a surviving spouse and are need of some guidance, know there are and resources to help you. If you need to set up your estate plan and have questions or concerns regarding how to do so, contact Pankau Law. Our experienced estate planning attorneys guide our clients through the estate planning process and can help you and your spouse determine the best path to take.

Disclaimer

This content of this blog is intended for informational purposes only. It is not intended to solicit business or to provide legal advice. Laws differ by jurisdiction, and the information on this blog may not apply to every reader. You should not take, or refrain from taking, any legal action based upon the information contained on this blog without first seeking professional counsel.

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