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The weeks after losing a spouse can bring difficult financial and legal responsibilities at a time when your attention is understandably elsewhere. Start by locating your spouse’s estate documents, identifying assets that may require probate or trust administration, and checking for legal or tax deadlines. Once the immediate matters are underway, you can review your own estate plan and update it to reflect your life now.
What Should You Do First After a Spouse Dies?
Begin by gathering the documents needed to determine how your spouse’s property will be handled. Look for the original will, trust agreements, deeds, recent account statements, life insurance policies, business records, and beneficiary designations.
You should also obtain several certified copies of the death certificate. Banks, insurers, retirement plan administrators, and government agencies may require them before releasing information or transferring assets.
Avoid distributing property or closing accounts before confirming who has legal authority to act. The person named as executor in a will does not automatically have that authority. A court may first need to issue letters testamentary or another form of appointment.
Which Assets Pass Outside of Probate?
Not every asset is controlled by a will. Property may transfer directly to another person if it is:
- Owned jointly with survivorship rights
- Held in a properly funded trust
- Covered by a beneficiary designation
- Payable or transferable on death
Other assets may require probate or another estate administration procedure. Probate is the legal process used to transfer a deceased person’s probate assets, address valid debts and expenses, and distribute the remaining property to the appropriate beneficiaries. New York and Florida have different procedures, so the state where your spouse lived and the location of any real estate can affect what must be filed.
Are There Deadlines for a Surviving Spouse?
Certain rights may be lost if they are not asserted on time. A surviving spouse who receives little or nothing under a will may have a right to claim a statutory share of the estate.
In New York, an elective-share notice generally must be filed within six months after letters testamentary or letters of administration are issued, but no later than two years after the spouse’s death. In Florida, the election generally must be filed by the earlier of two dates: six months after the surviving spouse receives the notice of administration or two years after the decedent’s death. Florida law permits an extension in limited circumstances, but the request itself is subject to filing requirements.
Do not assume that a will fully defines what you are entitled to receive. A prompt legal review can identify applicable rights and filing periods.
How Should You Update Your Own Estate Plan?
Once the immediate administration issues are underway, review your will, trusts, power of attorney, and health care documents. Your spouse may have been named as your executor, trustee, agent, health care decision-maker, or primary beneficiary. Each role may now require a replacement.
Your updated plan should reflect your current assets and the people you want to protect. It may also need to account for:
- Children from your current or a prior relationship
- A family business or ownership interest
- Beneficiaries who need help managing an inheritance
- Property located in both New York and Florida
Trusts should also be checked to determine whether your spouse’s death activated new terms, changed trustee appointments, or affected how assets may be used.
Which Beneficiary Designations Should You Review?
Review the beneficiaries listed on retirement accounts, life insurance policies, annuities, and payable-on-death accounts. These designations usually control the transfer of the asset, even when your will says something different.
Do not make a quick decision about an inherited retirement account. A surviving spouse may have several options, including treating an IRA as their own or maintaining it as an inherited account. The tax consequences and distribution rules vary, so coordinate the decision with your attorney and tax adviser.
What If You and Your Spouse Owned a Business?
If your spouse owned a company or held an interest in one, review its operating agreement, shareholder agreement, buy-sell terms, and succession plan. These documents may determine whether the interest passes to you, must be sold, or can be purchased by the remaining owners.
The estate may also need a business valuation. Until authority is established, avoid making ownership or management changes that could conflict with the governing documents.
Build a Plan Around Your Life Now
Losing a spouse can change who controls your affairs, who receives your property, and how your family or business will be supported. A coordinated review can address your spouse’s estate while bringing your own documents and beneficiary choices up to date.
The Law Office of Angela Siegel assists individuals and families with estate planning and estate administration matters in New York and Florida. Contact us to discuss the steps that apply to your property, your family, and the plans you want to put in place.