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Commonly Asked Questions about Husband and Wife Estate Planning

Anything that is jointly owned by you and your spouse will pass to the surviving partner automatically, but you can allocate any solely owned property to whomever you choose.
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.
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.
A Separate Will To Protect Children from Previous Spouses Each having your own wills can make it much easier for everyone involved when it is time to pass on assets to these children.
Protect and Maximize Your Estate for Your Heirs In conclusion, when creating your estate plan, its crucial to prioritize these three key objectives: naming a trusted individual to handle your affairs, ensuring your estate goes to who you want it to, and protecting and maximizing your estate for your heirs.
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.
If you are married but have no surviving issue (descendants), your spouse will inherit your entire estate. If your spouse is dead and you have issue, the estate will be divided up among them on what is called a per stripes basis. Wills inheritance - LAB - Legal Aid Board legalaidboard.ie common-legal-problems legalaidboard.ie common-legal-problems
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.