Estate Planning And Your Prenuptial Agreement

If you’ve decided to get a prenuptial agreement, you probably have a lot of questions about what comes next. You may even have questions about the far future interaction of prenuptial agreements and estate plans. The prenuptial agreement and estate planning attorneys at Donaldson Cunningham, P.C., have the knowledge and insight to help you find the answers to questions such as:

Does a prenup replace the need for a will or trust?

A prenuptial agreement and an estate plan address different issues. A prenup primarily defines financial rights between spouses during the marriage and in the event of divorce, while a will or trust directs what happens to your assets at death. A prenup may affect estate planning by identifying separate property or waiving certain inheritance rights, but it does not replace a will or trust. If you die without an estate plan, Arizona’s intestacy laws may determine who receives your property.

Can I still leave assets to my spouse if we have a prenup?

Absolutely. A prenup may limit your spouse from claiming protects your separate assets in case of divorce, but if you wish to make your spouse your sole heir or beneficiary to any portion of your premarital, separate property, you can do so.

How does a prenup affect my children’s inheritance?

A prenuptial agreement can help protect assets that you intend to leave to your children by clearly identifying what will be considered your separate property and establishing how your separate assets will be treated during the marriage. This can be especially important in second marriages and blended families. While a prenup does not determine who inherits your assets at death, it can work alongside your will or trust to help preserve assets for your children and reduce the risk of future disputes.

While not specifically related to your children’s inheritance, it should be noted here that a prenuptial agreement cannot include stipulations for how much child support would be paid or how custody decisions will be made in the event of a divorce. The prenuptial agreement is between you and your spouse.

Should I update my estate plan after signing a prenup?

Updating your estate plan is an important consideration during any significant life events, including getting married. Although signing a prenuptial agreement doesn’t affect your rights and obligations until the marriage occurs, it is advisable to review your estate plan whenever a major change occurs in your life. When you’re ready to adjust your plan, assistance is available to help facilitate the process smoothly and efficiently.

Get All Your Answers From Donaldson Cunningham, P.C.

If you have any questions about your estate plan or prenuptial agreement, we can find answers for you based on your specific legal situation. Call us at 480-792-9770.