Estate Planning for Married Couples – Joint or Separate Plans
Every adult can benefit from an estate plan. It is even more important when you get married to create or update your estate plan. Before you begin the planning process, you and your spouse must decide whether to create separate estate plans or a joint plan. 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 usually involves creating shared documents such as a jointly drafted Will or joint Trust that determine how assets will managed and distributed after the death of one spouse. It is important to distinguish between reciprocal and joint Wills when planning an estate for a married couple. A joint Will is a single document that both spouses sign, while reciprocal Wills consist of two separate documents each signed by one spouse and reflecting identical terms. In a mutual Will, the surviving partner is not allowed to change the terms of the Will upon the death of another spouse, while in a reciprocal Will, the surviving partner is allowed to amend or revoke a Will after the death of the other spouse. Consolidating all of your wishes into one plan can help you avoid potential conflicts and complications that could arise if you had separate plans. It can also make it simpler for an Executor or a Trustee administer your estate. A joint estate plan may not give you the flexibility you need. A joint estate plan may not be effective if you and your spouse cannot agree on how assets are to be handled, or if you have different wishes. A joint plan may not be able to adequately protect pre-existing children if you are creating a blended family. 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 can still include reciprocal Wills in your plans, but only if both of you agree on the terms. 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 second marriage, a spouse may want to make specific provisions regarding children from a prior marriage without affecting the other spouse’s desires. Separate plans are a good idea if you want to protect certain assets or goals. 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. This lack of cohesion can lead to conflicts or inconsistencies which could create problems during the administration of estates. For more information about estate planning for married couples, please join our FREE seminar. Contact an experienced Indianapolis estate planner at
Frank & Kraft
or call
(317) 684-500
for an appointment. Read More!
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