Estate Planning Strategies for Married Couples

Coming up with a complete estate plan is fundamental for every married couple. Unfortunately, it can be challenging for couples to be in  complete agreement when developing an estate plan. It can also be hard for couples to try and navigate through the world of estate planning without having the necessary legal guidance.

When you get married, your financial and legal status changes in a few ways. To comprehend the various options related to property distribution as a couple, you should know how shared property works. 

Take this for example, Wisconsin is a marital property state. Which means that you have to share property ownership with your spouse. Wisconsin is also a community property state, which means that each spouse owns a 50/50 portion of the marital property. However, Illinois is not a community property state, but they are marital state property. Which means that married couples share property ownership with their spouse, but the property isn’t split 50/50. Having an understanding of marital and community property laws will provide knowledge on how you can best divide your assets. 

Determine Child Guardianship With Your Spouse 

If you and your spouse have minor children, it is important to name a guardian to your children or dependents when developing your estate plan. If you don’t have a will, the court will ultimately decide who will care for your children in the case that both of you pass away. 

Discuss Your Ideal Beneficiaries With Your Spouse 

Each state differs with how they handle marital property, so you may have to discuss how you want to divide your marital property with your spouse. The property that you acquire as a married couple is called “marital property.” Which usually includes joint bank accounts, real estate, vehicles, business assets, plus more.

However, in some states, if one of the spouses passes away, the spouse that is alive is left with the remaining assets. You should speak to your spouse about what is to happen to marital assets in the event that both of you pass away simultaneously. If you would like to leave assets to your loved ones, you should come up with a list of recipients. 

Develop a Health Care Plan 

Another element to remember for your couple estate plan, is to figure out what health care preferences you and your partner would like. Outlining the health care wishes for you and your spouse is beneficial because it will establish that your preferences are met in case you can’t consent to specific treatments after suffering an illness or injury.

Usually, your spouse is legally authorized to make decisions for you; however, you are allowed to choose someone other than your spouse. 

Update Your Estate Plan After Major Life Events 

If you and your spouse already have an estate plan, you both need to revise your documents should major life events occur. You should also think about reviewing your estate plan every three years to make sure that it is up-to-date and in accordance with any new laws. 

Below is a list of significant life events which would require you to update your estate plan: 

• The birth or adoption of a child 

• Death of a beneficiary or guardian 

• Birth of a grandchild or great-grandchild 

• You move to another state 

• Your executor becomes ill or passes away 

• You acquire a significant amount of assets or incur debt 
  

Seek Legal Guidance From an Estate Planning Attorney 

Whether or not you and your spouse still need to establish an estate plan or even if you already have one, you should have a capable estate planning attorney by your side.

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