Estate Planning for Your Spouse: What You Need to Consider
For those who are married, ensuring that your spouse is cared for after your death is often a top priority. However, deciding how to leave assets to your spouse requires careful consideration. Here are some factors to think about when planning your spouse’s inheritance:
Outright Inheritance: Simplicity and Control
Many people choose to leave everything outright to their surviving spouse. This can make things easier, as it allows your spouse to quickly access the assets and use them as they see fit. If you consider your assets to be jointly owned, or if you want your spouse to have full control over your estate, an outright inheritance may seem like the best option.
Potential Risks of Outright Inheritance
However, an outright inheritance also has its risks. If your spouse remarries or enters into a new relationship, there’s a chance that your assets could end up being used or inherited by someone you didn’t intend. Additionally, without restrictions, your spouse has complete freedom to change their will or estate plan, potentially disinheriting children from a previous marriage or other loved ones.
Using Trusts to Protect Your Legacy
To mitigate these risks, you might consider leaving your assets to your spouse in a trust. A trust can provide for your spouse during their lifetime while ensuring that any remaining assets are distributed according to your wishes after your spouse’s death. This can be particularly important if you want to protect your children’s inheritance or if you have specific concerns about how your spouse might manage the assets.
We’re Here to Help
Estate planning for your spouse involves balancing your desire to provide for them with the need to protect your legacy. There are many factors to consider, and it’s important to have a plan that reflects your wishes and provides the necessary protections for your loved ones. If you’re ready to begin the estate planning process or need to review your current plan, our team is here to guide you through the process and help you make informed decisions.
