After building a life together, many couples are under the assumption that a joint estate plan is sufficient to protect their shared future. In most cases, creating separate plans can better serve each spouse’s unique needs and wishes.
Estate planning laws allow for personalized estate plans that address specific concerns for each spouse. This flexibility becomes crucial when considering blended families, individual assets or different charitable interests.
Different wishes warrant different execution
A joint estate plan can pose significant risks, including loss of control, inequitable distribution of assets and conflicting wishes. With separate estate plans, you and your spouse may be able to:
- Protect your individual assets
- Address specific healthcare wishes
- Tailor plans for children from previous relationships
- Accommodate different charitable goals
- Prepare for potential incapacity separately
- Manage business interests independently
- Minimize potential family conflicts
- Achieve flexibility in case of divorce or separation
Suppose you are two high-income earners with different tax implications due to your income levels. You may want to minimize your estate tax liability, while your spouse wants to maximize their income tax deductions. A separate estate plan can help you achieve this.
It is essential to note that creating separate estate plans does not mean you cannot work together. You and your spouse can still coordinate your plans to achieve shared goals while maintaining individual control.
New Jersey law recognizes various estate planning tools you can maximize to meet your unique requirements. For example, you might use a living trust to manage your real estate investments, while your spouse prefers a simple will for their personal belongings.
Start making plans for your future now
When creating separate estate plans, you will need to take into account your and your spouse’s unique circumstances, including personal assets, family dynamics and long-term goals.
Depending on your goals and priorities, you may benefit from using the same skilled estate planning attorney to guide you in this important process. This way, you can provide greater security for your loved ones and peace of mind for yourselves.