When it comes to estate planning, many people assume that married couples must create joint or mirror-image plans. After all, marriage is a legal and financial union, and it seems logical that estate plans would be handled the same way.
However, the truth is that married spouses can choose to have separate estate plans. Separate estate plans can provide flexibility and clarity when done thoughtfully, whether due to blended families, differing financial goals or privacy concerns.
Why consider separate estate plans?
If one or both spouses have children from previous relationships, each partner may want to help ensure that their individual assets are passed on to their respective children. Separate estate plans allow for these wishes to be honored without relying on the surviving spouse to carry them out.
Spouses may enter a marriage with significantly different assets, debts or income levels. They may also hold separate investments, properties or businesses. In such cases, having distinct estate plans allows each spouse to manage and distribute their own estate in alignment with their values and obligations.
Estate planning can include sensitive matters such as:
- Personal beneficiaries
- Charitable giving
- Healthcare directives
One spouse may wish to keep these matters confidential. Separate plans allow for more privacy and autonomy.
How it works
Even when spouses choose to create separate estate plans, collaboration and transparency are essential. They should:
- Disclose all assets and liabilities to help ensure there are no accidental omissions or conflicts.
- Coordinate beneficiary designations on life insurance policies and payable-on-death accounts to avoid unintended consequences.
- Appoint separate or shared fiduciaries, such as healthcare agents, depending on the level of trust between spouses.
Having separate plans does not mean spouses cannot support or benefit one another; it simply allows each person to articulate their wishes independently.
Yes, married spouses absolutely can choose to have separate estate plans, and for many, it’s the wisest route. As with any legal decision, it’s important to consult with a qualified legal team that understands the couple’s unique situation and can guide them through the process.