As uncomfortable as the prospect of your own death may be, recognizing your spouse may outlive you can help you plan ahead and ensure your loved one's needs are met after you're gone. An effective estate planning strategy can relieve financial pressures and prevent the legal difficulties surviving spouses often experience, as long as it is continuously adapted to life's changing circumstances.

Replacing Lost Income

Losing a spouse is emotionally devastating, but it also usually comes with a reduction in income, making the loss more difficult. If you are still working, your spouse may be left trying to make ends meet on Social Security benefits, which typically won't be enough to fully replace lost income. Those living on Social Security may face even greater financial hardships, since they will only receive one check per month.

Life insurance is a valuable part of any estate plan, ensuring at least some of your spouse's most pressing needs are met after your death. For instance, you may wish to carry enough insurance to pay off the mortgage on your home, provide a comfortable income for the rest of their life, and ensure anyone else who relies on you is taken care of.

Updating Beneficiaries

Real estate, automobiles, and investment accounts must all be retitled upon the death of a spouse, a process that can be time consuming and difficult. Fortunately, with many of these assets, you can name your spouse as a beneficiary, allowing them to easily and cost effectively take ownership of those resources.

The attorneys at Pater, Pater & Halverson Co. have been serving Hamilton, OH, for over a century, building a reputation for honesty and dedicated attention to their clients' needs. Learn more about their comprehensive list of estate planning and probate services online, or call (513) 867-1411 to schedule a consultation with an attorney today.