January 09, 2025

What to do after your spouse passes away

2 minutes

In this episode, Vidhya provides essential guidance for surviving spouses on what steps to take after the death of their partner. She emphasizes the importance of contacting an attorney and CPA early on to ensure any necessary tax filings are completed and to review trust documents. If the trust becomes partly irrevocable, specific notices may need to be filed, and asset valuations at the time of death can offer tax advantages.

Vidhya also discusses the potential need to update estate planning documents, such as the successor trustee and durable power of attorney, and highlights the role of professionals in helping administer the trust. This episode serves as an introduction to trust administration, with more details to come in future discussions.

In this episode, you will learn:

Key steps to take after the passing of a spouse, including contacting an attorney and CPA.

Why updating estate planning documents is crucial for a surviving spouse.

The importance of asset valuation for potential tax benefits.

How to handle trust administration and the division of subtrusts, if applicable.

And more!

Chapters:

00:00 - Intro

00:42 - Steps for the surviving spouse

01:30 - Potential process for your trust(s)

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