05 Aug Why “My Spouse Gets Everything” is Not an Estate Plan
“I don’t need anything complicated. My wife gets everything.”
Let me tell you a story.
His name was Gus. A 66-year-old self-made business owner. Married to his high school sweetheart, father of three grown children, net worth just north of $25 million. He had a solid investment portfolio, real estate across two states, and IRAs that had grown into seven figures.
Gus was proud of what he built. And when asked about estate planning, he said what so many successful people do:
“I don’t need anything complicated. My wife gets everything, and she’ll take care of the kids. That’s our plan.”
He thought he was being smart. He added her name to the accounts. Made her the joint owner of the house. Listed her as the primary beneficiary of his retirement accounts and life insurance. He even had a simple will that said, again, my wife gets everything.
Then Gus had a stroke. All of a sudden he’s in the hospital. His health went downhill fast. In a few weeks . . . he was gone.
A few weeks after the funeral, the real mess began.
Because what Gus had wasn’t a plan. It was a hope.
A hope that his wife would know what to do.
A hope that the kids would be patient and understanding.
A hope that everyone would agree.
But there were no instructions, no legal protections, no asset protection, no tax minimization. Just a house full of grief and simmering family tensions.
It didn’t take long before the feelings of “Dad was such a great man” to morph into unsaid feelings of “Why did Dad leave us this mess to clean up?”
If You Think “My Spouse Gets Everything” Is a Plan, Let Me Be Blunt:
You’re gambling your legacy.
It’s not a plan. It’s a placeholder. It’s wishful thinking dressed up as strategy.
And if you’re the kind of person who has worked decades to build wealth, grow a business, and protect your family’s future, then this mistake should get your attention.
Because here’s what’s coming for you if you don’t take this seriously:
- Your Family Thrown into Probate Court: Even with joint ownership and beneficiaries, some assets may still get stuck in court.
- Taxes: You may be missing out on massive tax-saving opportunities that only a real plan can unlock.
- Children being disinherited (yes, really): When your spouse remarries or passes away, everything may go to their new spouse or their family. Complete strangers to you. Your children risk being left with nothing.
Family conflict: Lack of clarity breeds resentment. Kids don’t fight over money. They fight over what mom or dad would have wanted.
The False Comfort of Joint Accounts and Beneficiary Designations
Here’s a big misconception with this type of planning:
“As long as I add my spouse as joint owner or beneficiary, I’m covered.”
No. You’re exposed.
- Joint bank accounts can bypass probate, yes, but what if your spouse becomes incapacitated? What happens when your spouse dies? The account is left vulnerable.
- Transfer on Death (TOD)/Payable on Death (POD) accounts only address what happens when you die. Not what happens after your spouse dies. That’s where the dominoes fall.
- Real estate held jointly goes to the survivor. But again, with no plan for what happens next, your entire estate could be exposed to creditors, predators, remarriage, or mismanagement.
The Real Danger Isn’t Death. It’s the Second Death
Here’s what most people miss:
Let’s say your spouse survives you and inherits everything. Now they control the entire estate.
What happens if:
- They remarry? Their new spouse could become the heir.
- They die without a plan of their own? Now your wealth enters their probate – with all the inherent costs (tens of thousands of dollars, possibly more), delays (one to three years or more), and lack of privacy of that process.
- They’re manipulated by one child or influenced by a new advisor? The others may get nothing.
Your children could be unintentionally disinherited. Or worse . . . your hard-earned assets could wind up in the hands of people you’ve never met.
This is not rare. It happens. And it can happen to you.
And no, a fill-in-the-blank online will or checking a box on a form doesn’t prevent it.
What Real Planning Looks Like for Families Like Yours
So what can you do?
You need to talk to experienced legal counsel who knows how to protect what you care about. Not one that just prepares off-the-shelf template documents and forms and sends you home with a fancy binder and legal documents you don’t understand.
You need an attorney who will talk with you how to protect your family. Your business. Your investment properties. And more.
You need a plan that protects your spouse, but also protects your kids no matter if your spouse remarries, gets dementia or anything else that happens to them.
You need a plan that is coordinated holistically with your other advisors to make sure you’re covered on all fronts: legal, tax, financial, insurance and more.
In other words, you need a plan that’s built like your business: intentional, strategic, and resilient.
What You’ve Built Deserves More Than a Shortcut
You didn’t build your net worth with guesswork.
You built it with planning. With vision. With diligence.
So why would you hand off your life’s work with nothing more than a bank account and a signature card?
Let’s be honest. If you’re reading this, and your “plan” is just a collection of joint accounts, beneficiary designations, and assumptions… you don’t have a plan.
You have a ticking time bomb.
Apply to Work With Us
At Garza Business & Estate Law, we work with a select group of business owners and affluent families each year to create estate plans that protect what matters most: your spouse, your children, your legacy, and your peace of mind.
We don’t work with the masses and treat you like a number.
We don’t mass produce templated documents.
We build strategies.
We help you see around corners and avoid the kinds of mistakes that destroy families and legacies.If you’re ready to do this the right way, apply here:
https://lgarzalaw.com/schedule-online/