Who is eligible for survivor benefits from Social Security?
While it may be unpleasant to think about, none of us are going to be around forever. Because of this fact, we all need to think about how our loved ones will be taken care of when we pass. If you are a Social Security beneficiary in your household, it is wise to make sure you know who is eligible to claim survivor benefits from the Social Security Administration in the event of your passing.
Those who are eligible for survivor benefits from Social Security include:
- Widows or widowers who are age 60 or older (or age 50 or older if disabled) — You must have been married at least nine months. If you have dependent children under the age of 16, you are not required to be the age of 60 to claim benefits.
- Children under the age of 18 can receive 75% of the parent’s benefit up until the age of 18 (or 19 if attending elementary or secondary school still).
Reviewing your Social Security benefits and finding out who is eligible for claiming survivor benefits is a good start to making sure your loved ones are cared for, but you can take it even further by creating an estate plan.
What is estate planning?
An estate plan is the outline of your wishes for your assets in the event of your death or incapacitation. This is more than a will. An estate plan includes how your assets will be preserved or managed, how trusts will set up and operate, what will go to charitable organizations, and who will be the beneficiary and executor of your plan.
Estate plans usually also include arrangements for your funeral so that those expenses do not fall on the shoulders of your loved ones.
Talk to a ProVise CFP® professional about estate planning
A common misconception about estate plans is that you need to be wealthy or own a large estate to take advantage of them. While an estate plan is certainly beneficial for people with large sums of wealth, it is also beneficial for anyone with a family or loved ones they want to be cared for when they pass.
At ProVise Management Group, our CERTIFIED FINANCIAL PLANNER™ professionals can get to know you and your current financial circumstances, goals, risk tolerance and personal values to help you develop a plan that works for you. We can also create a written plan for you at a fiduciary standard of care. All our written plans come with an unconditional money-back guarantee. If you are unhappy with your written plan, you can return it to us, and we will refund 100% of the fee paid.
Are you ready to talk to a professional about estate planning? Contact ProVise today to schedule a complimentary consultation.