• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
logo

The Edwards Law Firm

Estate Planning For All Generations

  • phone-icon (904) 215-3550
  • phone icon (904) 672-7600
  • Schedule a Free Consultation
  • Home
  • Who We Are
    • About Our Firm
    • Attorney and Staff Profiles
  • How We Can Help
    • Business Owners & Asset Protection
    • Estate and Gift Tax Figures
    • Family-Owned Businesses & Farms
    • Incapacity & Caregiver Support
    • LGBTQ Estate Planning
    • Medicaid & Elder Law Planning
    • Pet Planning
    • Probate & Trust Administration
    • SECURE Act
    • Special Needs Planning
    • Wills & Trusts
  • Elder Law
    • Are You A Caregiver?
    • Coping With Alzheimer’s
    • Emergency Medicaid & Nursing Home Planning
    • Guardianship & Conservatorship
    • Hospice Care
    • Medicaid Planning
    • Veteran’s Benefits
  • Resources
    • Docubank
    • Estate Planning Resources
      • Estate Planning Checkup
      • Definitions
      • Reports
      • Incapacity Planning Definitions
      • Is Your Estate Plan Outdated?
      • Top 10 Estate Planning Techniques
    • Elder Law Reports
    • Frequently Asked Questions
      • LGBTQ Estate Planning Frequently Asked Questions
      • Incapacity Planning Frequently Asked Questions
      • Frequently Asked Estate Planning Questions
      • Trust Administration & Probate Frequently Asked Questions
    • Pre-Consultation Form
    • Special Needs Resources
    • Trust Administration
      • Bereavement Resources
      • How to Know if You Need Extra Help With Your Grieving
      • The Mourner’s Bill of Rights
      • Trust Administration & Probate Definitions
  • EVENTS
  • BLOG
  • Reviews
    • Review Us
  • Contact Us

3 Estate Planning Tips for Widows and Widowers

December 7, 2011 by William T. (Tom) Edwards, Jr., Attorney & Counselor at Law

Being single again is a shock for most widows and widowers; it changes everything, including your estate planning needs.  If your spouse has died, consult with a qualified estate planning attorney and implement these 3 tips for widows and widowers.

  1. 1.       Update Your Estate Plan

Your goals, needs, and finances have likely changed since the death of your spouse.  This means that your estate plan needs to be updated.  In addition, because your spouse was likely your primary trusted helper, you need to name new trusted helpers.   Trusted helpers are executors, trustees, power of attorney agents, and guardians for minor children.

  1. 2.       Determine How Your Assets are Owned

Determine how each of your assets are owned and how they should be owned with your estate planning attorney.  If you previously owned assets such as your home or financial accounts in joint names, re-title them in the name of your own revocable living trust.

If you’ve inherited assets from your spouse in trust, absolutely keep them in trust.  These assets have asset protection, meaning they can’t be taken from you in a lawsuit and will keep your children from being unintentionally disinherited.  Potential lawsuit creditors include a bankruptcy trustee, future divorcing spouse, unhappy client, or car accident injured person.

In addition, NEVER put your assets in joint names with a new spouse.  If you die first, your new spouse will inherit, no matter what your will or trust says, and your children will be DISINHERITED.

  1. 3.       Don’t Lend Money to a New Friend or Spouse

When you fall in love again, do not lend money to a new friend or spouse.  Even though your intentions will be good, you need to keep the money in trust for your future and your children’s future.  If your friend or spouse’s business plan isn’t strong enough to get institutional lending, it’s not strong enough for you to invest in it.

Widows and widowers, consult with a qualified estate planning attorney.

 

  • Author
  • Recent Posts
William T. (Tom) Edwards, Jr., Attorney & Counselor at Law
William T. (Tom) Edwards, Jr., Attorney & Counselor at Law
Attorney at The Edwards Law Firm, P.A.
For over four decades, Tom has assisted individuals, businesses and organizations with their legal management and legal services needs.With a burgeoning practice primarily devoted to estate planning, asset protection and trust and probate administration, The Edwards Law Firm, with Tom at its helm, has evolved in the last decade to include such vital elder law issues as Medicaid planning, VA planning, guardianship and more.
William T. (Tom) Edwards, Jr., Attorney & Counselor at Law
Latest posts by William T. (Tom) Edwards, Jr., Attorney & Counselor at Law (see all)
  • How Do I Trust Thee…Part III - July 11, 2022
  • How Do I Trust Thee…Part II - July 9, 2022
  • How Do I Trust Thee…Part I - July 7, 2022

Primary Sidebar

FOLLOW US ONLINE

Footer

The Edward Law Firm

Jacksonville
3030 Hartley Road, Suite 210
Jacksonville, FL 32257
Phone: (904) 215-3550
Secondary phone: (904) 672-7600

ST. AUGUSTINE (By Appointment Only)

1750 Tree Boulevard, Suite 9
St. Augustine, FL 32084
Phone: (904) 824-1750

Map/Location

Jacksonville FL estate planning office
Map

Office Hours

Monday  8:30 AM – 5:00 PM

Tuesday  8:30 AM – 5:00 PM

Wednesday  8:30 AM – 5:00 PM

Thursday  8:30 AM – 5:00 PM

Friday  By Appointment Only

The information on this website is for general information purposes only. Nothing on this or associated
pages, documents, comments, answers, emails, or other communications should be taken as legal advice for any individual case or situation. This
information on this website is not intended to create, and receipt or viewing of this information does not constitute, an attorney-client relationship.

  • Privacy Policy
  • | Disclaimer
  • | Site Map
  • |
  • Powered by American Academy of Estate Planning Attorneys
© 2023 The Edwards Law Firm. All Rights Reserved.