Wills for a Married Couple
By: Source: AARP.org Date Posted: 2005-03-20 12:09:11
If you are currently married, make sure both you and your spouse draw up a separate will. If you are getting remarried, consider a prenuptial agreement to protect the inheritance of your current heirs.
What Your Should Know
Two Wills are Better Than One
If you are married, you may be tempted to draw up a joint will that covers both you and your spouse. Don't. Each of you should have your own will. After all, you both own property, including your house, cars, and personal goods. Having a joint will may cause problems down the road.
Think About Your Will Before a Second Marriage
If you marry late in life or for a second time, think about how your second marriage will affect your estate plan. What part of your estate will go to your heirs? What part will go to your new spouse? Your loved ones and your new spouse may be wondering about these issues. A prenuptial agreement can help settle these matters early.
A prenuptial agreement is a written contract that you and your fiancée sign before your marriage. This agreement explains who owns what assets. If you divorce or when you die, the prenuptial agreement can protect the inheritance of your children from a previous marriage. It can also prevent your spouse from successfully challenging your will or any existing trusts.
Generally, the law prefers agreements that are made before marriage. Post-marriage contracts are not recognized in every state.
Both prenuptial and post-marriage contracts have complicated requirements. That's why it's a good idea to have a lawyer prepare these documents. You and your spouse should each hire a separate attorney to represent you during the process.
For More Information
Bankrate.com
Bankrate.com is an Internet Web site that provides information that can help consumers make the best financial decisions. The Web site features a simple guide to prenuptial agreements.
http://www.bankrate.com
American Bar Association (ABA)
The ABA has published a book entitled "The American Bar Association Guide to Wills and Estates," which presents information about distributing property at death and planning for possible incapacity. The book is available in bookstores. You may also order it directly from the publisher by calling 800-726-0600 and referencing ISBN #0-8129-2536-X. Or visit the ABA Web site and order PC # 235-0029.
URL: http://www.abanet.org/
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