Let\u2019s take a closer look at the pros and cons of each option. Keep in mind that there is no one \u201cright\u201d answer. It varies based on your circumstances, state of residence, and goals.<\/p>\n\n\n\n
Mirror Will<\/h3>\n\n\n\n
Mirror wills are separate wills you and your partner can create. However, the wills have nearly identical provisions.<\/p>\n\n\n\n
In this sense, the content of one spouse\u2019s will \u201cmirrors\u201d the other spouse\u2019s. For example, a husband could create a will and leave everything to his wife. At the same time, his wife can make her own will with the same provisions, leaving everything to her husband.<\/p>\n\n\n\n
Keep in mind that both spouses are free to modify the terms of the will and pick another beneficiary if they choose. They are not required to leave everything to the other spouse.<\/p>\n\n\n\n
If the two of you create mirror wills, you\u2019ll benefit from:<\/p>\n\n\n\n
- Flexibility:<\/strong> Mirror wills usually have the same provisions. However, if one spouse passes, the surviving spouse can update their will to reflect changes in their life, including new grandchildren, a new spouse, or new stepchildren.<\/li>
- Security: <\/strong>Mirror wills prevent you from dying intestate. When you die \u201cintestate,\u201d you don\u2019t have a will \u2014 and the state laws get to decide what to do with your remaining assets. Having mirror wills prevents this from happening to either spouse.<\/li><\/ul>\n\n\n\n
Since you are creating two documents, using mirror wills is generally more costly. However, Trust & Will<\/a> offers affordable solutions. You and your spouse can designate a guardian for your children and specify health care wishes and final arrangements starting and $259 for couples.<\/p>\n\n\n\n
While you plan on living happily ever after with your spouse, that isn\u2019t always the case. A mirror will is easier to change if your spouse dies unexpectedly or you end up separating.<\/p>\n\n\n\n
Related Content<\/strong>: 5 Term Life Insurance Providers That Make the Process Easy<\/a><\/p>\n\n\n\n
Joint Will<\/h3>\n\n\n\n
![\"couple](\"https:\/\/i0.wp.com\/marriagekidsandmoney.com\/wp-content\/uploads\/2021\/11\/Signing-papers.jpeg?resize=800%2C400&ssl=1\")
Photo by Romain Dancre<\/a> on Unsplash<\/a><\/figcaption><\/figure>\n\n\n\n A joint will can simplify the will-making process. It\u2019s a will that the two of you create together. You can use it to appoint a guardian for your children and specify the distribution of your assets once you\u2019re no longer living.<\/p>\n\n\n\n
Creating a joint will requires you and your spouse to agree on who you want to leave your assets to and how you want your estate handled. Here\u2019s why you might want to consider it:<\/p>\n\n\n\n
- It\u2019s easy: <\/strong>You and your spouse can sit down together with an attorney and get the whole process done in an afternoon. <\/li>
- It\u2019s collaborative:<\/strong> Sometimes, planning how your estate will be divided after your death can get awkward. A joint will can make sure you are both on the same page about what will happen with your estate.<\/li>
- Reduced price:<\/strong> In general, creating one document is cheaper than creating two. <\/li><\/ul>\n\n\n\n
It sounds like a perfect solution! But a joint will is difficult to change. It requires both spouses\u2019 approval to make changes. If one spouse passes away, the will becomes locked and difficult to update. The surviving spouse:<\/p>\n\n\n\n
- May not be able to downsize out of the marital home or sell it to pay for living expenses, a new business venture, funeral costs, or other costs.<\/li>
- Will have difficulty changing the will\u2019s beneficiaries if they remarry or have another child. <\/li>
- Can struggle to modify the content of the will if they buy or inherit additional assets after the first spouse passes away.<\/li><\/ul>\n\n\n\n
In general, a joint will is ironclad after one spouse passes away. Considering how quickly life changes, this can create major headaches for the surviving spouse.<\/p>\n\n\n\n
Trust-Based Estate Plan for Married Couples<\/h3>\n\n\n\n
A trust is an estate planning tool that typically allows for a smooth and orderly transition of assets. With your belongings in a trust, you get a more robust approach to planning for the death of you and your spouse.<\/p>\n\n\n\n
They\u2019re more expensive to create than wills. However, they can have several advantages:<\/p>\n\n\n\n
- Avoid court and the probate process<\/li>
- Tax benefits<\/li>
- Flexibility to change when needed<\/li>
- Set up care for special needs individuals<\/li>
- Protect beneficiaries from being taken advantage of by friends, family, and strangers<\/li><\/ul>\n\n\n\n
Trusts aren\u2019t right for everyone, but they can be an excellent option for married couples in some situations.<\/p>\n\n\n\n
Related Content<\/strong>: Do I Need a Will? Who Needs One and Why<\/a><\/p>\n\n\n\n
How Do I Start a Will Today<\/h2>\n\n\n\n
![\"couple](\"https:\/\/i0.wp.com\/marriagekidsandmoney.com\/wp-content\/uploads\/2021\/11\/couple-coffee.jpeg?resize=800%2C533&ssl=1\")
Photo by taylor hernandez<\/a> on Unsplash<\/a><\/figcaption><\/figure>\n\n\n\n You don\u2019t typically get to plan when you\u2019ll leave this world and move on to the next. Some people\u2019s time will end much earlier than others \u2014 it\u2019s much better to start estate planning sooner rather than later. <\/p>\n\n\n\n
The last thing you want is to pass away with no will and have your estate turned over to the government instead of your loved ones. Here\u2019s how to start a will today:<\/p>\n\n\n\n
1. Schedule time to talk about it<\/h3>\n\n\n\n
Trust us, if you don\u2019t plan time to talk about it, you\u2019ll never get started. As a married couple, estate planning will be a group decision. You might pick a Sunday afternoon when you\u2019ll have plenty of time to talk and won\u2019t feel rushed.<\/p>\n\n\n\n
2. Make a list of all your assets<\/h3>\n\n\n\n
Don\u2019t assume you don\u2019t have many assets. You likely have more than you think. It includes physical property (your home or any real estate investment properties), financial assets (retirement accounts, stocks, or bonds), and digital assets (intellectual property or passwords to your online accounts).<\/p>\n\n\n\n
3. If you have minor children, choose a guardian<\/h3>\n\n\n\n
One of the most critical decisions you\u2019ll make as a parent is who will watch over your minor children if you pass away unexpectedly. It\u2019s unlikely you\u2019ll find the \u201cperfect\u201d person \u2014 there\u2019s no one who is just like you.<\/p>\n\n\n\n
Think about your friends and family. Who shares your values, goals, and parenting style? Do they have good character, financial stability, and relatively good health? <\/p>\n\n\n\n
It helps to have a backup plan by naming more than one individual. And remember, the person you name isn\u2019t set in stone \u2014 you can change it down the line.<\/p>\n\n\n\n
4. Determine your beneficiaries<\/h3>\n\n\n\n
The next step is to develop a detailed plan of who you want to leave your assets to. This will be a very personal decision between you and your significant other.<\/p>\n\n\n\n
If there is no obvious choice to leave your assets to, consider leaving them to charity. You can leave everything or a portion of your belongings to a charity that supports a cause that you believe in. <\/p>\n\n\n\n
5. Find a trusted legal team to help you<\/h3>\n\n\n\n
This is the most important step. <\/p>\n\n\n\n
Once you have talked through the details with your significant other, you need to find a trusted legal team to help you make everything official. Estate tax laws vary by state, so you\u2019ll want to work with a professional.\u00a0<\/p>\n\n\n\n
- It\u2019s collaborative:<\/strong> Sometimes, planning how your estate will be divided after your death can get awkward. A joint will can make sure you are both on the same page about what will happen with your estate.<\/li>
- Security: <\/strong>Mirror wills prevent you from dying intestate. When you die \u201cintestate,\u201d you don\u2019t have a will \u2014 and the state laws get to decide what to do with your remaining assets. Having mirror wills prevents this from happening to either spouse.<\/li><\/ul>\n\n\n\n