There are a number of reasons why married couples may want to create separate Wills. Depending on the couple's individual circumstances, creating separate Wills may be the best way to ensure that each spouse's wishes are carried out after their death.
Video: 4 Reasons You and Your Spouse Should Have Separate Wills
Some of the reasons why married couples may want to create separate Wills include:
To protect each spouse's assets: If a married couple has significant assets, they may want to consider creating separate Wills in order to protect those assets. This is particularly true if one spouse has significantly more assets than the other.
To provide for different beneficiaries: A married couple may have different beneficiaries that they wish to provide for in their Will. By creating separate Wills, each spouse can specify exactly who they want to receive their assets after their death.
To avoid probate: If a married couple has joint assets, those assets Will generally have to go through probate before they can be distributed to the beneficiaries. By creating separate Wills, each spouse can ensure that their assets will not have to go through probate.
- To make changes more easily: If a married couple has separate Wills, it is easier to make changes to those Wills if circumstances change. If the couple had one joint Will, any changes that need to be made would require both spouses to agree to the change and sign the new Will.
Overall, there are a number of reasons why married couples may want to create separate Wills. By doing so, they can protect their assets, provide for different beneficiaries, and avoid probate.