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Preparing for Widowhood

One of the last things many elderly couples would prefer to think about is what will happen when one of them outlives the other. However, that will most likely be the case for all couples.

This can be a big issue to deal with emotionally. When it happens, the surviving spouse will not want to have to worry about finances. USA Todaydiscusses this issue in “How to prepare financially for being a widow/widower.”

Here are some practical steps to take now, so you will be prepared to be a surviving spouse:

  • The most important step is taking the time to talk and to make sure that both spouses are well-informed about the finances and how to handle them.
  • Run through scenarios so you will both know what will happen when either spouse passes away, taking into consideration what the surviving spouse’s income and living expenses will be.
  • If you can afford to do so, then delaying Social Security benefits as long as possible will give a surviving spouse higher benefits.
  • Make sure that all beneficiary designations on retirement plans, bank accounts and insurance policies are correct.
  • It may be necessary to hire a financial planner who can help the surviving spouse.
  • Visit an elder law attorney and make sure that your estate plan is up to date and adequately protects the surviving spouse.
  • It might be a good idea to move into a different home that will be more easily manageable for a surviving spouse.

Reference: USA Today(Jan. 19, 2018) “How to prepare financially for being a widow/widower.”

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“On the threshold of retirement, we finally decided to quit thinking we could self-prepare the requisite documents. We had previously had only a very simple will. We needed the necessary legal (including updated will) & health care docs but didn’t want to deal with the time & complication of legalese. Cindy made the process relatively painless. She took the time to explain and answer questions without trying to upsell services. We were done in 2 meetings plus the reading of emailed drafts. In addition to preparing the documents, Nelson Eldercare will be there when our adult children need advice on executing the plans we’ve put in place.So glad it’s behind us and would recommend Cindy and her helpful staff.”

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The very best elder law attorney and staff anyone could ever ask for! I have referred a number of clients to Cindy and she never disappoints. She is kind, caring, and extremely thorough in making sure everything is completed as it should be. I highly recommend Cindy for anyone needing lawyer services; she truly goes above and beyond for every client she helps and has had a huge impact in so many peoples’ lives. Thank you, Cindy and staff, for everything that you do- I’m so glad to know you!

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I heard Cindy’s presentation at a Senior Luncheon at my church, and was very impressed. She helped my daughter and me understand many aspects of elder law. Josh has also been very helpful in my planning to enter an independent living situation . I have told many friends about them.

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