Many people form prenuptial agreements before they marry. Frequently, in second marriages, prenuptial agreements address rights to trusts and estates of each party.
For example, a prenuptial agreement can be used to ask for a waiver of rights of the new spouse in the will of the other spouse. It can include a waiver of a claim after death, as well as a waiver of any homestead rights of the spouse.
If you are getting ready to get married, you should deeply explore what your spouse wants to happen to his or her estate, if he or she dies, and how you would be supported. This is extremely important when there are children from the first marriage, and the possibility of having children in the second marriage.
Consider that there may be a large mortgage on the house. Ask your prospective spouse, how that mortgage will be paid for, if he or she dies. In whose name is the loan? Lenders can call the loan when the person who owes the money dies. If the loan is is one spouse’s name, death of that spouse can create major financial problems involving loans.
You should also discuss social security payments to the surviving spouse, its amount if either spouse dies. ERISA and other pension rights should also be discussed because ERISA rights cannot be waived in a prenuptial. The waiver must actually be signed after the marriage, so the prenuptial agreement requires language that forces the spouse to sign the ERISA waiver after the marriage.
Talk to our expert lawyers and attorneys about your prenuptial agreement and its impact on your estate plan and trusts and estates, by calling 818.340.4479 to set up a free consultation in our Woodland Hills, San Fernando Valley, Ca law firm.
By: Mina Sirkin, Trust and Estate Attorney, California frequently writes and speaks about complex issues involving estate planning in California. Ms. Sirkin is an attorney Board Certified as a specialist in Estate Planning, Trust Law and Probate in Southern California, with offices in Woodland Hills and Los Angeles County Ca. Call 818.340.4479 or email Info@SirkinLaw for a free consultation appointment to plan for your estate and spousal property issues including premarital agreements and post-marital agreements.
