Articles of Interest

When the Time Comes
Thoughtful Planning for Husbands and Wives

by Jeff Cory, CFP, ChFC,
Executive Director

Every husband and wife realizes the inevitability that one of them will outlive the other and perhaps spend a number of years as a widow or widower. In my years of working with couples, I have come to learn the importance of assisting spouses in preparing for life without their marriage partner, to help them to be ready "when the time comes." This is important not only because many decisions need to be made following a spouse's death, but also because a number of practical financial and business-related matters need to be considered. In cases of a second marriage, this often becomes an even more important issue.

Make sure both you and your spouse have full understanding of your investments, sources of income, and regular checks that are written, such as payments for insurance or estimated taxes. It is a good idea, once a year or so, to make or update a personal financial affairs record that catalogs your assets and debts, identifies your attorney and tax and investment professionals, along with important numbers such as your Social Security number and the location of important documents, accounts, and policies. The goal of all this information sharing and updating is to assure that the spouse who is left to carry on, has the financial knowledge to be as self-sufficient as possible.

Planning for Incapacity

Many husbands and wives establish revocable living trusts or a durable power of attorney that allows another person to provide financial management if they become incapacitated. A current living will and designation of health care surrogate are also necessary documents that everyone should have.

Making one's wishes known regarding future health-care decisions through a living will can relieve pressures on family members in times of serious illness. A designation of health care surrogate names a person, or persons, to make health-care decisions for you if you are unable to make such decisions at some point in the future. Many couples also prearrange funeral and burial plans, leaving one less decision for the surviving spouse to have to make.

Preparing for the Future

If it has been a while since you and your spouse reviewed your estate plans, including your advanced financial and health-care directives, I would like to encourage you to take a moment to do so. If you would like, we would be happy to review your current plans with you to insure that they are comprehensive, up-to-date and in compliance with Florida statutes. At this time, we also could explain to you the services we offer through The Legacy Foundation at Shell Point, including our Private Client Services (bill-paying and estate-administration services). We believe that you will find, as many other residents have, that these are welcome and useful resources to help meet your future planning needs and objectives.