Is it Better for Husband and Wife to Have Separate Wills?

When it comes to estate planning, one important question that often arises is whether it is better for a husband and wife to have separate wills or a joint will. While both options have their advantages and disadvantages, there are compelling reasons to consider having separate wills for yourself and your spouse.

What is a 'Joint Will'?

A joint will is a single will that is created by both spouses and typically leaves all assets to the surviving spouse after the first spouse's death. The idea behind a joint will is to simplify the estate planning process and ensure that the surviving spouse is taken care of.

Problems with Joint Wills

However, there are several problems associated with joint wills that make them less advisable for married couples. One of the main issues is that a joint will becomes irrevocable after the first spouse's death. This means that the surviving spouse cannot change or update the will to reflect their own wishes or changing circumstances.

Additionally, joint wills can create complications when it comes to probate and distribution of assets. Since a joint will is a single document, it may be more difficult to locate and file for probate after the second spouse's death. This can lead to delays and additional legal expenses.

The Case for Separate Wills

Creating separate wills for yourself and your spouse offers more flexibility and control over your estate planning. Here are five reasons why it may be better to have separate wills:

1. Flexibility: With separate wills, each spouse has the freedom to modify or update their will as needed, without affecting the other spouse's will. This allows for greater flexibility to adapt to changing circumstances or preferences.
2. Individual Wishes: Separate wills allow each spouse to express their individual wishes regarding the distribution of assets, appointment of executors, and guardianship of minor children. This ensures that each spouse's specific intentions are clearly stated and respected.
3. Privacy: Having separate wills can also provide more privacy for each spouse. Joint wills are typically a matter of public record, while separate wills can be kept confidential.
4. Blended Families: If either spouse has children from a previous relationship, having separate wills can help protect the interests of all family members. Each spouse can designate their own beneficiaries and specify how their assets should be distributed.
5. Updating Your Will: Life circumstances can change over time, and having separate wills allows each spouse to easily update their will without affecting the other spouse's plans. This ensures that your estate plan remains current and aligned with your wishes.

Conclusion

While joint wills may seem like a convenient option for married couples, it is generally better to have separate wills. Separate wills offer more flexibility, individuality, and control over your estate planning. They also provide privacy and protection for blended families. By creating separate wills, you can ensure that your estate plan accurately reflects your wishes and provides for your loved ones.