Does marriage affect my will?

Marriage is a life-altering event that forces you to make all kinds of changes. For one, you and your new spouse both should create new Wills. In most states, your spouse is legally entitled to a percentage of your property after you die, unless you have a written agreement to the contrary. If you don’t want to leave at least half of your property to your spouse, you need to specify that in your new Will.

There are no hard and fast rules for how couples should make Wills. Some married couples create a Joint Will to serve them both. In a Joint Will, each leaves the entire estate to the other, but the Will then specifies what happens to the property when the second person dies. A Joint Will prevents the surviving spouse from changing what happens to the property after the first person dies. In this way, a Joint Will is essentially a contract between husband and wife who both must consent in order to revoke the Will. Because of this, Joint Wills can tie up property for years until the second death, and the survivor cannot revise the Will. If you and your spouse are considering a joint Will, be sure to consult an estate attorney because joint Wills do have limitations.

A couple can use two separate Wills to accomplish goals of a Joint Will, but without the limitations. If you want all of your property to go to your spouse, you may state that in your separate Will, but if you own separate property from before your marriage, and you want that to go to your grown son from a previous marriage, you can put that in a separate Will so he won’t have to wait until your current spouse dies to inherit. A separate Will avoids tying up the property for a lengthy period before it goes to the intended beneficiary. You may make changes in your own Will at any time without your spouse’s consent.

If you are getting a divorce, you also need a new Will. In most states a final judgment of divorce, or an annulment, revokes any gift made in your Will to your former spouse, but in some states, that does not happen. No matter where you live, though, you should make a new Will after a divorce.

Case Studies: The Relationship Between Marriage and Insurance

Case Study 1: Spousal Coverage in Health Insurance

Sarah and John recently got married. Sarah has a comprehensive health insurance plan through her employer, while John has been uninsured. After their marriage, Sarah explores the possibility of adding John to her health insurance policy.

Sarah’s employer-sponsored health insurance plan allows her to include her spouse in the coverage. By adding John to the policy, he gains access to the same benefits, including doctor visits, prescription medications, and hospital stays.

This ensures that both Sarah and John have adequate health insurance coverage, providing them with peace of mind and financial protection in the event of medical emergencies.

Case Study 2: Auto Insurance and Marital Status

Emily and Michael, a newly married couple, are reviewing their auto insurance policies. Before marriage, Emily had her own auto insurance policy, and Michael had a separate policy. Now that they are married, they want to explore their options for combining their auto insurance coverage.

Upon consulting with their insurance provider, Emily and Michael discover that combining their auto insurance policies can lead to potential savings. Insurance companies often offer discounts for married couples, as they are considered to be more responsible and lower-risk drivers.

By combining their policies, Emily and Michael can enjoy the benefits of reduced premiums and simplified policy management while maintaining adequate coverage for their vehicles.

Case Study 3: Life Insurance and Spousal Protection

Mark and Lisa have been married for several years and have two young children. They recognize the importance of financial security for their family in the event of an unforeseen tragedy. To protect their loved ones, they decide to explore life insurance options.

Mark and Lisa each purchase individual life insurance policies that name their spouse as the primary beneficiary. In the event of either spouse’s untimely death, the life insurance payout would provide a financial safety net for the surviving spouse and children.

This coverage helps ensure that the family can maintain their lifestyle, cover ongoing expenses, pay off debts, and plan for their children’s future education.