Individuals take advantage of estate planning to protect their assets and prepare for their own future. However, if you are married, you may want to prepare for eventualities together with your spouse, especially if you share the same goals and priorities.
When estate planning as a married couple, there are important considerations to keep in mind to make your plan effective, including the following:
Communicating and aligning goals
It is crucial for you to ensure that you and your spouse are on the same page when it comes to your wishes and goals surrounding your estates before finalizing your estate plan and its documents. This includes deciding who will inherit assets, how to provide for your children, if any and what to do in case of incapacity.
Having separate wills
Although a joint will is an option for married couples, it is advisable for both you and your spouse to have separate wills outlining the distribution of your assets after your death. This is especially helpful if you have separate properties or differing wishes. If you wish, you can establish mirror wills instead, which are more flexible.
Updating each other on properties and documents
To ensure a smooth transfer of properties when the time necessitates, it is helpful for you and your other half to always keep each other updated of any newly acquired or disposed property or any additional document in the estate plan. One thing you want to avoid is a lost property or document.
Seeking professional guidance
Estate planning can be complex and vary depending on your state’s laws and your unique situation. It is often wise to seek the assistance of a professional, such as an estate planning attorney, to navigate the legal requirements and develop a comprehensive plan fit for you and your spouse.