Should Married Couples Have Separate Wills?
Making an estate plan with your spouse is an essential milestone in your life together, regardless of how long you have been married or how recently you got engaged. But should they be different or the same will?
Learn everything that you need to know about making a will as a married couple from estate lawyer Elaine McGinnis P.A.
Everyone Should Have a Will
If you have a will, your spouse should too! What many don’t know, however, is that you and your spouse can have separate or joint wills if you prefer.
A popular option for many married couples or life partners is to draft mirror wills. These are almost identical wills where both partners leave their estate to one another. You can also name the same people and organizations as your secondary beneficiaries.
The creation of a joint will by a married couple is an additional choice. This is a joint will that applies to married couples.
It is important to note that to make changes to a joint will, you will need the approval of both partners. This means that after one spouse passes away, the surviving spouse cannot make any additional changes to the will. Because of this, mirror wills are recommended, since they are more flexible.
Naming a Guardian
If you have minor children, you should agree on a guardian for them in your will. If one of you were to pass away, the remaining parent usually remains in custody. But if you both pass away at the same time, your guardian would be the one to take care of your children.
Naming a guardian is one of the most
powerful things you can do with a will.
Ensuring that your children are cared for by someone you know and trust can give you peace of mind in case the unthinkable happens.
Community Property Laws
Any assets or property gained by either spouse during the marriage is referred to as community property. It can be a car your spouse paid for out of pocket or a retirement account you opened at work after you got married.
Community property is considered to be jointly owned
and shared, even if it was acquired by one spouse.
Community property rules shouldn't be an issue for you if you have mirror wills and want to leave all of your possessions to your spouse. Nevertheless, things can get a little trickier if you wish to leave a portion of your inheritance to someone other than your spouse.
Your spouse may be needed to sign a statement confirming their agreement to this change. If you don't, even if your will specifies otherwise, your spouse will probably get all of the communal property when you pass away.
Inheritance Rights of Children
Due to the special circumstances of blended families, many stepparents treat their stepchildren like their own. But when it comes to estate planning, the law draws a clear contrast. It is crucial to comprehend how legal authorities see blended families if you are a part of one.
Your children, both biological and adoptive, are your property when you pass away, and they are entitled to a share of your estate.
Children of a previous marriage do not inherit equally. They aren't legally regarded as your offspring. You can add them as beneficiaries in your will to remember them
Keep in mind that if you die without leaving a will, intestacy laws will determine how your assets are dispersed (the default for passing away without a will). Intestacy laws cover your spouse, kids, parents, and siblings as beneficiaries. Your stepchildren won't get anything from your estate in this situation.
Making a Will
The easiest way to create a will with your spouse is to sit down and complete it together. Having these conversations can be difficult, but it’s important you outline your wishes and expectations.
Having these discussions while you are still healthy can remove the pressure and make the conversion easier.
Here are a few tips to get started:
#1. Put it on the Calendar
Set aside some time to discuss your estate with your spouse. A tranquil weekend afternoon or a day off from work are good choices for the date because you won't be rushed or under pressure.
#2. Start with Open-Ended Questions
Discuss with your spouse what people and causes matter the most to each of you, including your expectations for what you want to leave behind.
Perhaps you both agree that you want to pass your assets down to your children or grandchildren. Or maybe you’d like to leave part of your estate to a charity that means a lot to you.
Understanding what you want your legacy to look like is an important first step.
#3. Make a List of Your Assets
You should include all the assets that are owned by either you or your spouse. But don’t worry, it doesn’t have to be perfect.
To help you brainstorm, try listing your assets in several categories:
Physical property: Your home, vehicles, pets, etc.
Financial assets: Retirement plans, life insurance policies, bank/investment accounts, etc.
Digital assets: Logins and passwords to online accounts.
Learn More > What Should Be Included In a Will?
#4. Schedule Time to Create Your Wills Together
The process of writing your will can be pleasurable if you do it with your spouse. Also, it enables you to discuss one another to ensure that your wills don't contain any incongruous language.
Once you’ve started, don’t wait to finish. Think about the peace of mind you will feel once they are drafted and completed.
Get Started on Drafting Your Wills
Aside from your marriage license, your will is one of the most important documents that you and your spouse can make together. If you’re ready, you can get started with estate lawyer Elaine McGinnis P.A. today. With her compassionate approach to estate planning, you can rest assured that your wishes will be thoroughly documented.
Contact the Law Office of Elaine McGinnis today; 813-851-3380.