Married? Five Ways to Ensure Your Estate Plans Work in Tandem
Getting on the same page now means fewer potential problems when it counts.
No one likes to think about what will happen when they pass away. What will happen to your home after your death? Will your children and any other dependents be provided for? Who will carry out your wishes?
While not the most glamorous side of financial planning, estate planning is vital to ensuring you leave behind the legacy you want — problem-free.
However, when it comes to estate planning, married couples often face unique challenges and opportunities. From managing jointly held assets to minimizing estate and income taxes, spouses must coordinate their plans to avoid unintended consequences — or surprises — down the line.
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Ensuring both partners are on the same page, both legally and financially, can streamline the estate process, protect wealth and provide peace of mind for their heirs.
To offer deeper insights into how couples can best align their estate strategies, the financial experts of Kiplinger Advisor Collective highlight practical steps couples can take to ensure their estate plans are working in tandem, whether they’re newly married or decades into their partnership.
Include a spousal bypass trust
“One smart move is to include a spousal bypass trust in their estate plan. This trust allows one spouse to leave assets to the other without them being included in the surviving spouse’s taxable estate. Plus, it keeps the assets protected from potential creditors. This strategy balances financial security for the surviving spouse with tax efficiency, preserving more of the estate for heirs.” — Zain Jaffer, Zain Ventures
Prepare a revocable living trust
“One way married couples can ensure their estate plans work in tandem — especially for tax efficiency and joint asset management — is by setting up a revocable living trust. A well-structured trust allows couples to maintain control over their assets while they’re alive, seamlessly transfer wealth upon passing and take advantage of tax-saving strategies.” — Bob Chitrathorn, Wealth Planning By Bob Chitrathorn of Simplified Wealth Management
Leverage federal estate tax exemption
“Married couples can use a revocable living trust to manage joint assets and ensure seamless estate planning. By aligning their wills, beneficiary designations and gifting strategies, they can minimize estate taxes and avoid probate. Additionally, utilizing portability of the federal estate tax exemption allows the surviving spouse to maximize tax savings while preserving wealth for heirs.” — Greg Welborn, First Financial Consulting
Set up a family office for tax planning
“Married couples can ensure their estate plans align by setting up a family office to optimize tax planning. This centralizes management of joint assets, using tools like trusts and tax-deferred accounts to minimize estate taxes. Coordinating strategies, such as gifting or leveraging spousal exemptions, ensures efficient wealth transfer and reduces tax burdens.” — Dr. Clemen Chiang, Spiking
Conduct regular reviews with an attorney
“Regularly reviewing their estate plan with an attorney ensures alignment, protecting assets and securing their financial future. Married couples should also create a revocable living trust to streamline asset management, avoid probate and maximize tax benefits. Coordinating beneficiary designations and leveraging exemptions like the marital deduction helps minimize taxes.” — Stephen Nalley, Black Briar Advisors
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The information provided here is not investment, tax or financial advice. You should consult with a licensed professional for advice concerning your specific situation.
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