Most people incorrectly believe that prenuptial or ante-nuptial, or premarital agreements are only advantageous for the wealthy or famous. However, having a prenuptial contract can be an important part of your estate planning process, especially if you have been married more than once and you have children from a prior marriage. In fact, it is possible for a new spouse to invalidate your estate plan if you don’t take action to protect it.
By way of example: You and your spouse have children from previous marriages, you and your spouse are living in the home your children were raised in, and you want your children to inherit the house. Without taking the appropriate estate planning steps, it is possible your new spouse could inherit the home and pass it on to his or her own children upon his or her death.
You can prevent this from happening by either having a prenuptial agreement or by setting forth your wishes in a comprehensive and updated estate plan. It is important to have your intentions set forth in writing. If you sign a prenuptial agreement, you must ensure that the contract is entered without undue influence and the parties made full financial disclosures. In an estate plan, you can dictate how your assets should be distributed under a will or trust. Estate planning provides you with flexibility in determining who should inherit and when the distribution should take place (such as when your children reach a certain age). A prenuptial agreement also has the benefit of protecting your assets from being decimated by a new spouse in the event of divorce.
If you are interested in learning more about protecting your loved ones with an estate plan, please contact us to schedule an appointment. The Astill Law Office has provided high quality legal services for over 30 years. We specialize in wills, trusts, estate planning, and asset protection. If you have any questions about creating a Trust, Will, or estate planning in general, contact The Astill Law Office at 801-438-8698.