Every adult can benefit from having an estate plan in place. When you get married, it becomes even more important to create an estate plan or update an existing plan. One of the fundamental decisions you and your spouse will need to make before getting started with the planning process is whether to create a joint estate plan or separate estate plans. To help you decide whether joint or separate plans are right for you, the Indianapolis attorneys at Frank & Kraft discuss estate planning for married couples.
Joint Estate Planning for Married Couples
A joint estate plan is a single, unified plan that reflects the wishes of both spouses. It typically involves creating shared documents, such as a joint Will or a joint Trust, that dictate how assets will be managed and distributed upon the death of either spouse. When contemplating estate planning for a married couple it is important to highlight the difference between joint and reciprocal Wills. A joint Will uses a single document signed by both spouses while reciprocal Wills are two separate documents, each signed by only one spouse, that reflect identical terms. In a joint Will, the surviving spouse is unable to alter the terms of the Will following the death of one partner, whereas in a reciprocal Will the surviving spouse retains the ability to amend or revoke the Will after the passing of the other spouse.
One of the most significant advantages of a joint estate plan is its simplicity. Consolidating your wishes into a single plan can avoid the complexities and potential conflicts that might arise from having separate plans. It can also make it easier for an Executor or Trustee to administer your estate. Creating a joint estate plan will likely be more cost-effective and ensures that you and your spouse are on the same page regarding your estate planning goals.
One disadvantage to creating a joint estate plan is that it may not provide the flexibility that you need. If you and your spouse do not agree on how assets should be handled or have differing wishes, a joint plan may not work. The same applies if one of you has complex assets, such as an inheritance or business, that a joint plan cannot adequately address. If you are creating a blended family a joint plan may also be unable to provide sufficient protection for pre-existing children.
Separate Estate Planning for Married Couples
Separate estate planning involves each spouse creating their own individual plan. You may still wish to incorporate reciprocal Wills into your plans; however, only if you both agree to the terms of the Wills. Separate plans allow each person to dictate how their assets will be handled, without necessarily aligning with their spouse’s plan.
Separate estate plans offer more flexibility, allowing each spouse to tailor their plan to their own needs. In a subsequent marriage, for example, one may wish to make specific provisions for children from a previous marriage without impacting the other spouse’s wishes. If you want to ensure that certain assets or goals are protected, separate plans may be the way to go. Ultimately, separate plans may be simpler and be less likely to lead to disputes for couples with complex assets or who have children from previous relationships.
Lack of cohesion between the spouses’ wishes is a potential disadvantage of creating separate estate plans. That lack of cohesion could result in conflicts or inconsistencies that create challenges during the administration of the estates. Separate plans will also likely be more expensive than creating a joint plan and, without careful coordination, separate estate plans can lead to overlaps or omissions in planning.
The best way to decide which option is right for you and your spouse is to consult with an experienced estate planning attorney.
Do You Have Questions about Estate Planning for Married Couples?
For more information, please join us for an upcoming FREE seminar. If you have additional questions or concerns about estate planning for married couples, contact an experienced Indianapolis estate planning attorney at Frank & Kraft by calling (317) 684-1100 to schedule an appointment.
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