Providing Creative Solutions For Your Legal Needs

A simple will may not suffice after an individual gets married

On Behalf of | Oct 24, 2024 | Power of Attorney

When people think of estate planning, many assume that drafting a basic will is enough to protect their loved ones. However, once they get married, their financial and legal situation may change in profound ways that need to be addressed accordingly.

A simple will might not be sufficient to address the complexities that come with marital status, shared assets and future responsibilities. As couples begin to intertwine their lives, more robust estate planning is often required to help ensure that their wishes are honored and their family is safeguarded.

The limitations of a simple will

A simple will generally stipulates who will inherit an individual’s assets and can name guardians for minor children. While this may seem adequate, marriage introduces unique considerations that a basic will may not fully address. For instance, married couples often:

  • Own property jointly
  • Maintain shared accounts
  • Invest in mutual assets

A basic will may not clearly define how these assets should be divided if one spouse passes away. Additionally, a simple will may not account for specific nuances like:

  • Previous marriages
  • Children from earlier relationships
  • Jointly owned property

This could create disputes among surviving family members. Simple wills can also leave room for legal challenges if the language is vague or conflicting.

Furthermore, marriage often complicates tax obligations and debt management. Without a comprehensive estate plan, surviving spouses could face unnecessary tax burdens or struggle with inherited debt. A simple will may overlook ways to minimize taxes or protect assets from creditors.

The need for more than a simple will

A complete estate plan goes beyond a simple will to reflect current and future needs. One essential element married couples should consider adding to their estate plan is a trust. Setting up a trust allows an individual’s assets to pass smoothly to their spouse or other beneficiaries without going through probate.

Couples should also consider setting up powers of attorney and healthcare directives. Marriage doesn’t automatically grant a spouse the right to make financial or medical decisions on their partner’s behalf if they become incapacitated.

Upon marriage, relying solely on a simple will could expose couples to unnecessary risks, disputes and/or financial burdens. Taking time to review and update estate plans after marriage can help ensure that any growing family is sufficiently protected.