Premarital agreements have become increasingly popular in recent years, as couples seek to protect their assets and clarify their financial expectations before getting married. These agreements, sometimes called prenuptial agreements or prenups, typically cover issues such as property division, spousal support, and inheritance rights. But what about incorporating a premarital agreement into your will? Here`s what you need to know.
First, it`s essential to understand the purpose of a premarital agreement. These agreements are designed to protect spouses` interests in the event of a divorce or separation. By spelling out how assets will be divided, how debts will be handled, and whether spousal support will be paid, couples can avoid lengthy and costly battles in court. They also provide a degree of certainty and clarity, reducing the likelihood of misunderstandings and hurt feelings.
But if you`re considering including a premarital agreement in your will, you`re looking at a different set of issues. Your will is a legal document that outlines how your assets will be distributed after your death. It can cover a wide range of topics, from who will inherit your property to what kind of funeral arrangements you want. And while a premarital agreement can certainly be a part of your estate planning, it`s not the same thing as a will.
So what does a premarital agreement in a will look like? Typically, it involves spelling out how marital property will be handled after one spouse`s death. For example, if you and your spouse own a house together, you might decide that upon your death, your share of the property will go to your children from a previous relationship. Or you might specify that your spouse can continue living in the house for a certain period of time, after which it will be sold and the proceeds divided according to your wishes.
It`s important to note that a premarital agreement in a will can`t override state law. If your state has laws governing inheritance, those laws will still apply, even if you and your spouse have agreed to something different. For example, many states have “elective share” laws that give a surviving spouse the right to a certain percentage of the deceased spouse`s estate, regardless of what the will says. So if you`re considering a premarital agreement in your will, it`s important to work with an experienced estate planning attorney who can help you navigate state law and ensure that your wishes are properly documented and legally binding.
In summary, a premarital agreement in a will can be an effective way to protect your assets and ensure that your wishes are followed after your death. But it`s not a substitute for a will, and it`s important to work with a knowledgeable attorney to ensure that your agreement is legally binding and properly executed. With the right planning and preparation, you can create an estate plan that gives you and your spouse peace of mind, both during your lifetime and after you`re gone.
