Widowed: Plan Your Own Estate

Once you've lost your spouse, you realize the importance of a sound estate plan. Now that you're on your own, it's time again to review your options and plan for the future of your loved ones.

Certainly you want your loved ones to benefit from your own careful and thoughtful planning. While a married couple's main concern is for the survivor, as a single person, you have more choices. Perhaps you have children and grandchildren, and you must decide how much you want to leave to each of them. The needs of some beneficiaries may be greater than those of others. In addition, you may want to consider ways to remember your favorite charitable organizations.

First, of course, don't overlook your own financial security. When you were married, you could count on your partner to step in and manage the family finances if you were ill or otherwise incapacitated. But now you need to appint someone.

Planning Tips
Here are some time-tested strategies to ensure your own lifetime security and also plan for your eventual beneficiaries:

Powers of attorney. Ask your lawyer to prepare a durable power of attorney form by which you authorize a trusted individual, perhaps a son or daughter, to sign checks, legal papers, tax returns, etc., on your behalf. Similarly, execute a statutory form, health care power of attorney, that lets you delegate the authority to make health care decisions if you're unable to make them yourself.

New will. While your old will probably named contingent beneficiaries, it was likely intended to mainly benefit your spouse. Your beneficiaries and their circumstances may have changed—and you may want to add individuals and charitable organizations. Discuss your wishes with your attorney. Ask about ways to minimize estate taxes, too.

Living trust. You can create a trust for your own benefit, reserving the right to amend or revoke it. A key purpose of a living trust is to designate a professional trustee to manage your investments. When you're alone, this can be especially reassuring. After your lifetime, the trust remainder will avoid probate and pass directly to your chosen beneficiaries.

Life income plan. your favorite charitable organizations offers many attractive deferred-giving options designed to help you achieve your lifetime financial needs and ultimately fulfill your philanthropic goals for us. For example, a charitable remainder annuity trust will pay you a dependable fixed income for life. It can be established with cash, appreciated securities or other marketable assets.

Please contact Mary Ludwig, Development Director at 712-732-5127, for more information.

The information on this site is not intended as legal, tax or investment advice. For such advice, please consult an attorney, tax professional or investment professional.

Copyright © The Stelter Company, All Right Reserved.

Essentials

Ways to Give

What to Give

Reading Room

Glossary of Terms

Q&A

Goals & Gifts

Bequest Language