Estate Planning – Prenuptial Agreements

 All fifty states with the exception of Georgia guarantee surviving spouses a percentage of their deceased spouse’s estate regardless of the terms of the will.

 That percentage can be as much as 50 % and is called “elective share” To override that elective share you need a prenuptial agreement.

Prenuptial though often associated with divorce can also be used in estate planning to protect assets acquired prior to marriage. Most people with significant assets who remarry do enter into prenuptial agreements.

 Divorce is not the primary concern, protecting assets for the child of prior marriages is critical.

 In order for a prenuptial to hold up it must meet certain requirements. Important is the parties have separate counsel and disclose all assets at the beginning.

 Life insurance can be part of a prenuptial agreement which can be used to compensate the surviving spouse.

 Each state has its own set of rules and community property states are yet another estate planning issue. Seek legal advice when dealing with estate planning issues and I strongly recommend that it be an estate planning attorney.

Dan