Most people choose not to think of worst case scenarios. Losing a spouse unexpectedly is a devastating event, and most people will never have to experience this. However, the unexpected can happen, and it is important to be prepared. While planning for a "what if" situation is the best idea, sometimes a spouse might die and a couple might not have an estate plan in place. This might leave the surviving spouse wondering what happens next.
Within 9 months of the death of a spouse, people are required to file estate planning paperwork in New Jersey. Often, when there is a loss of a very close loved one, the grieving period is much longer than 9 months long. While everyone handles traumatic situations differently, it is important to get financial matters taken care of quickly after a person's death.
Sometimes family members and friends will encourage a person to take time to grieve and not think about the financial impact of a death. While it is important to understand the emotions of a family member's death, it is also important to get financial matters under control soon after a death. Speaking with financial professionals and an experienced estate planning attorney might be a wise decision.
They can help make sure a person is set up for a positive financial future. They can also put in place an estate plan for a living spouse and their children. By planning for the unexpected, people can help prevent further stress if an unexpected event occurs.
Source: Forbes, "Sudden Loss: Financial Advice For Widows," Eve Kaplan, Aug. 28, 2012
-Having an estate plan can help after an unexpected event. To learn more about estate planning and wills, please visit our website.
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