Estate Planning for Married Couples: Do Both Spouses Need an Estate Plan?
If you are married, you may be wondering whether it is worth the time and expense for both you and your spouse to create independent estate plans. The answer is a clear and resounding “yes.” If only one spouse has an estate plan, that leaves serious gaps. Here, our New Jersey estate planning lawyer provides a guide to estate planning or married couples.
Why Both Spouses Need an Estate Plan
First and foremost, we should clarify why both spouses in New Jersey need their own estate plan. It is a mistake to assume one estate plan is enough for both spouses. Each person owns property individually, even in marriage. Without separate documents, their assets may not transfer as intended. One spouse’s plan cannot control the other’s property. There are other reasons for independent planning as well. Two estate plans ensure that each spouse’s wishes for health care and end-of-life care are respected. Both voices deserve to be heard.
Tip: Estate planning for married couples does not have to break the bank. Married couples can write their estate plans together in a manner that fully protects both of their interests.
Spouses Should Generally Coordinate Wills and Trusts
When married couples create wills or trusts, coordination matters. Each spouse should confirm that documents reflect shared goals while still protecting individual interests. A coordinated plan reduced the risk of confusion. No person wants to leave their family dealing with a conflict.
Independent estate planning is especially important for married couples where one (or both) spouses have children from a previous relationship. One spouse may wish to leave assets to children from a prior marriage. The other may want to direct certain property to different heirs. Without aligned documents, disputes can arise.
Both Spouses Need Durable Powers of Attorney and Health Directives
Estate planning is not limited to what happens after death. A comprehensive estate plan is about a lot more than deciding who gets to inherit what. A durable power of attorney allows one spouse to manage finances if the other becomes incapacitated. Health care directives authorize trusted individuals to make medical decisions. If only one spouse has these documents, the other may be left vulnerable. Independent powers of attorney and directives ensure that both spouses are protected. Even if spouses want to name each other as POA (which is common), it is still a best practice to have independent estate plans.
The Bottom Line: Every married couple should treat estate planning as a joint project with two distinct parts. Each spouse needs documents tailored to their assets and wishes. Together, those documents form a coordinated plan that protects the family as a whole.
Call Our New Jersey Estate Planning Lawyer Today
At Poulos LoPiccolo PC, our New Jersey estate planning lawyers have the experience that married couples can rely on. If you have any specific questions or concerns about the process, please do not hesitate to contact us for a completely confidential, no obligation consultation. With a law office in Monmouth County, we handle estate planning matters throughout all of New Jersey.
