Protecting Your Spouse: Estate Planning for Couples

Estate planning is more than deciding who inherits your assets on your death. For couples, it can also help protect each other, provide financial security, and reduce stress if something unexpected happens. Whether you are married, in a de facto relationship, or part of a blended family, planning can make a meaningful difference for your spouse’s wellbeing.

Even in committed relationships, the law may not automatically provide for a spouse in the way you may expect. Without clear planning, assets may not pass as intended, which may create uncertainty or financial pressure. Thoughtful estate planning can help make wishes clear and reduce the likelihood of disputes.

Wills and providing for your spouse

A Will is one of the main tools you may use to set out how your assets are distributed and to appoint key roles such as an executor, guardian of your minor children etc. 

You may assume that a spouse automatically inherits assets, but this may not always be the case. A Will helps clarify your intentions and outlines how your assets are to be distributed.

If you die without a Will then Victorian intestacy laws determine how your estate will be distributed. These laws generally provide for spouses and eligible de facto couples but may not consider individual circumstances. Asset ownership, including jointly owned assets can also affect how your estate is distributed.

Planning for incapacity
Estate planning can also involve situations where you are alive but may be unable to make decisions for yourself due to illness or injury.

In Victoria, you may wish to also consider preparing as part foy our estate plan an:

• Enduring Powers of Attorney (Financial and Personal), and

• Appointment of a Medical Treatment Decision-Maker.

These documents allow someone to act on your behalf if you are unable to manage financial, legal, personal or medical matters. Without these documents, there may be limitations on who can make decisions for you, and processes such as tribunal or court applications may be required.

Financial agreements and protecting assets
Some couples may also consider Binding Financial Agreements as part of their broader planning. These agreements can outline how property and financial resources might be dealt with if the relationship ends and provide clarity about ownership and expectations during the relationship. Combined with a Will, they may help reduce uncertainty for all parties.

Trusts and more complex family arrangements
As part of their estate planning, couples may also wish to consider structures such as testamentary trusts. Testamentary trusts are one of the most powerful estate planning tools available.

Summary
Estate planning for couples helps ensure spouses are supported and that arrangements are clear and well understood. Every couple’s situation is different, so the approach often depends on individual circumstances.

At Wills and Succession Lawyers, we provide information and guidance about estate planning options in Victoria, helping people understand the different documents and structures available so they can make informed choices.