Should you share inheritance with spouse?
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Should you share inheritance with spouse?
In most cases, a person who receives an inheritance is under no obligations to share it with his or her spouse. Primarily, the inheritance must be kept separate from the couple’s shared bank accounts. There are several ways in which an inheritance can lose its separate status.
What happens if your spouse dies and you are not on the mortgage?
If there is no co-owner on your mortgage, the assets in your estate can be used to pay the outstanding amount of your mortgage. If there are not enough assets in your estate to cover the remaining balance, your surviving spouse may take over mortgage payments.
Can a surviving spouse change a joint will?
If no agreement was made to bind the mirror Wills and there is no indication within the Wills themselves, when one partner dies, the surviving partner can change their Will. It’s important, if you wish mirror Wills to binding, that you seek legal advice to ensure they are properly drafted.
Can I make a joint will with my wife?
For most married couples, a joint will is usually the best option. This allows each of you to write your own individual wishes without having to pay for two separate wills. For more complex relationships, a trust may be a better option.
