Pinnacle Estate Planning

By JASON GRAY

Pinnacle Law PLLC

 Losing a spouse is one of the hardest experiences anyone will face. During the first days and weeks, even basic decisions can feel overwhelming. Yet there are certain practical steps that must be taken to ensure that finances and property are handled properly.   Understanding what needs to be done can provide a sense of direction during a painful time. What follows is a respectful and straightforward guide to three of the most common concerns families face: bank accounts, final expenses, and removing a spouse’s name from a home’s title.

    Many married couples hold joint bank accounts. If your spouse passes and the accounts were titled as “Joint Tenants with Right of Survivorship,” the surviving spouse typically becomes the sole owner automatically. In many cases, you can bring a certified copy of the death certificate to the bank, and they will update the account. The account generally does not need to go through probate.

    However, not all accounts are joint. Sometimes spouses maintain individual checking or savings accounts. Accessing those accounts depends on whether beneficiaries were designated. Some accounts allow you to name a “Pay on Death” beneficiary. If you were named, you can claim the funds directly from the bank by providing identification and a death certificate.

    If there was no beneficiary and the account was solely in your spouse’s name, the funds may need to go through probate or a simplified version of probate depending on your state’s laws and the size of the account. Do not withdraw money or move funds before speaking with the bank. It is also a good idea to order several certified copies of the death certificate. Most banks, insurance companies, and financial institutions will request them.

    Funeral costs, medical bills, and other end-of-life expenses can add up   quickly. Before using your own personal funds, check whether your spouse had life insurance, an employer-provided death benefit, or a burial insurance policy. Many people do not realize they have small or medium-sized life insurance policies tied to a job they held years ago. Call former employers and request information. The funeral home can often help with claims forms if asked.

    If your spouse had a will, it may designate that funeral expenses should be paid from the estate. If there was no will, state law determines how expenses are handled. Try to keep detailed records. Save receipts, invoices, and notes of who you paid and when. This record-keeping will be important if there is a probate proceeding later.

    If finances feel uncertain, communicate openly with the funeral home. Many are willing to work with families on payment timing when they know life insurance benefits are pending.

    For many families, the home is the largest asset. After a spouse passes away, it is usually necessary to update the title to reflect that the surviving spouse now owns it alone. The exact process depends on how the deed was originally titled.

    If the deed was titled as “Joint Tenants with Right of Survivorship” or “Community Property with Right of Survivorship,” the survivor generally becomes the sole owner by operation of law. Still, it is wise to record an official document in the county land records.  This may be called an Affidavit of Surviving Spouse or a similar document. Recording this ensures that the public record shows that ownership has passed to you alone.

    No one expects to be fully prepared for this moment. It is alright to ask for help. Your bank, your financial advisor, and an experienced attorney can guide you step by step. The goal is not to rush. The goal is to handle your spouse’s affairs with care and to give yourself time to grieve.

    Taking these practical steps in an informed way can provide peace of mind. It ensures that your spouse’s memory is honored and that you are on solid footing as you navigate the days ahead.

*This article is for informational purposes only and should not be construed as legal or financial advice.