It’s very important to get your ‘Adult Homework’™ in order and have your Will and Estate Planning documents completed. If you are getting married, your ‘Adult Homework’™ should also include a Prenuptial Agreement as a very good plan to protect you, your spouse, your business, your legacy planning, and your assets.
Having both is an ideal Protection Plan.
Knowing that your Will and your Prenup work together is critical for peace of mind.
A Will (Last Will and Testament) is a formal written document outlining your choices about who will receive your assets (whether held in just your name or held jointly with others) and how it will be divided when you die. A Will is a ‘roadmap’ for your loved ones (and the Court) to make the distribution of your estate efficient, both emotionally and financially. Without a Will, the probate process takes more time, costs more money, and the State decides who gets your assets.
A Prenuptial Agreement (Prenup) is a formal written contract agreed to between you and your spouse prior to the wedding date outlining your preferences and choices for future actions that occur after the marriage.
Some items listed in a Prenup include:
- Division of property in case of separation, divorce, or death;
- The right to: buy, sell, use, transfer, exchange, abandon, lease, consume, expend, assign, create a security interest in, mortgage, encumber, dispose of, or otherwise manage, and control property;
- In the event of death, what controls? A Will, Trust, or another arrangement; and
- The ownership rights in and distribution of the death benefit from a life insurance policy.
The Will and the Prenup should match up
When you have a Will and a Prenup, they should match up. That is, they should have the same directions and distributions. If you are not preparing them at the same time, it is crucial to keep this in mind.
What happens if they do not match up?
The Prenup ‘trumps’ any differences in the Will and those distributions and instructions in the Prenup will be enforced instead of those set out in the Will. Both your Will and your Prenup are important to have. You should have a legal professional prepare and review both so that you can rest easy that your Plan is “The Plan” you need and want. We help our clients have “The Plan” and the peace of mind they deserve.
Do you want more information on Prenuptial Agreements or Last Will and Testaments?
Call our office at 214-559-7202 or contact us online to speak with one of our experienced Family Law and Estate Planning Attorneys.