Pre-Nuptial or Post-Nuptial Agreements are really important Estate Planning Tools for many people. Unfortunately, because Nuptial agreements are frequently and unfairly viewed negatively, and with more than a hint of skepticism, they are rarely utilized in the Estate Planning context. Notwithstanding, Nuptial agreements become more frequent when the parties are older and otherwise previously married.
What is a Nuptial Agreement?
A Nuptial Agreement is generally an agreement between two married parties. When the agreement is entered into prior to marriage it is referred to a Pre-Nuptial whereas when entered into after marriage it is referred to as Post-Nuptial.
What is an Estate Planning Nuptial Agreement?
An Estate Planning Nuptial Agreement is any Nuptial Agreement where the Estate Planning concerns of the parties is the primary motivating factor. The Nuptial agreement will also address other non-estate planning oriented issues.
Estate Planning Nuptial Agreements may address any one or more of the following (non-exhaustive list):
- Ensure that the surviving spouse is provided for
- Ensure that neither spouse’s children are intentionally or unintentionally disinherited
- Preservation of an asset (i.e., business succession)
- Asset Protection purposes (i.e., if one spouse has an elevated liability risk)
- Medicaid Planning
- Avoiding Estate related lawsuits by the surviving spouse or their successors in interest
- Waiving 401(k) spousal inheritance rights
How much does an Estate Planning Nuptial Agreement Cost?
Like all legal services, it depends. Estate Planning Nuptial Agreements should be tailored to your circumstances. They can be put together rather rapidly and be otherwise inexpensive. However, they can also take considerable time and be very expensive.
Call the Firm if you have any questions about using a Nuptial Agreement for Estate Planning Purposes. We are happy to discuss the matter with you.