Estate Planning for Married Individuals

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Commonly Asked Questions about Estate Planning for Married Individuals

What is the disadvantage of a joint revocable trust?

Inflexibility. Once a joint trust is established, it can be hard to make changes or adjustments to even a revocable trust agreement without permission from the other spouse, which can be a disadvantage.

Will type What type of will should a married couple have?

Estate Planning Checklist: A 10-Step Guide Assemble a team. Outline your wishes in your estate planning documents. Establish guardianship for your dependents. Consider trusts. Plan for federal and/or state estate taxes. Avoid probate. Prepare for long-term care. Consider income in respect of a decedent (IRD) taxes. 10 Tips for Successful Estate Planning - MetLife metlife.com stories legal tips-successful metlife.com stories legal tips-successful

Should spouses have the same executor of will?

Typically, spouses name one another as executor of each others wills. But you should also name another person or corporate trustee as a successor in each will. Also worth noting is a mirror will leaves all of your estate to the surviving spouse, after specific distributions to named beneficiaries.

Is estate planning less important for unmarried couples?

However, if you are not married, it is even more important to have a Will in order to establish whomever you want to be in charge of how your estate assets are administered and ultimately distributed after you pass away.

What type of trust is appropriate for married couples?

Simple Living Trusts for Married Couples Simple living trusts are often considered the easiest kinds of trusts to set up and keep. In a simple living trust, a couple can share the control and benefits of the trust while they are living.

What is the best type of trust to set up?

An irrevocable trust provides you with more protection. While you cant modify it, creditors cant easily make claims against it, and assets held within it can generally be passed on to beneficiaries without being subject to estate tax.

Should a married couple have one or two trusts?

Typically, when a married couple utilizes a Revocable Living Trust-based estate plan, each spouse creates and funds his or her own separate Revocable Living Trust. This results in two trusts. However, in the right circumstances, a married couple may be better served by creating a single Joint Trust.