Ada-Icon
Required

Postnuptial Agreements for Estate Planning, Elder Law Attorney, Woodstock, GA

 

Americans are familiar with prenuptial agreements that detail how a couple’s property will be divided in the event of a divorce or death. In most states spouses can reach similar agreements after they get married.

The Wall Street Journal reports that the use of postnuptial agreements is increasing in “Why Postnuptial Agreements Are on the Rise.” These are agreements married couples enter into that are similar to the more well known prenuptial agreements. The purpose is to enter a contractual arrangement that dictates how assets should be divided in a divorce or if one of the spouses passes away.

The article says that the most common reason for the agreements is to punish a wayward spouse as a condition of continuing the marriage. However, there is another reason couples might consider a postnuptial agreement.

They can be very useful in estate planning.

Every state has a law that gives a widow or widower the option of claiming a certain percentage of a deceased spouse’s estate regardless what the estate plan says. This “election” is known as a spousal elective share. These laws are necessary to ensure that a spouse is not left without means of support.

However, in some cases they make estate planning more difficult, especially when both the husband and wife are independently wealthy or if one or both of them have children from a previous relationship.

Postnuptial agreements can be used in those situations to get around the spousal elective share. For example, they can be used to ensure that a family business goes to the owner’s children instead of going to a spouse who could turn around and bequeath it to stepchildren or children from a future relationship.

Postnuptial agreements are not allowed in every state and many states that do allow them have strict rules to limit them.

Ask an attorney about any rules in your state.

Reference: Wall Street Journal (March 10, 2016) “Why Postnuptial Agreements Are on the Rise.”

Hear From Our Clients
tes-prev
tes-next

“On the threshold of retirement, we finally decided to quit thinking we could self-prepare the requisite documents. We had previously had only a very simple will. We needed the necessary legal (including updated will) & health care docs but didn’t want to deal with the time & complication of legalese. Cindy made the process relatively painless. She took the time to explain and answer questions without trying to upsell services. We were done in 2 meetings plus the reading of emailed drafts. In addition to preparing the documents, Nelson Eldercare will be there when our adult children need advice on executing the plans we’ve put in place.So glad it’s behind us and would recommend Cindy and her helpful staff.”

- Bonnie

Cindy and her company treat their clients like family. Nelson’s offers clear, direct, and honest guidance in planning for your families security and future. No one wants to actively sit down and make these decisions, but Nelson’s makes this process seamless. I was so impressed with their willingness to answer all questions big or small. So glad I made the decision have them help my mom and dad and now me. You can’t go wrong with Nelson’s Elder Care Law.

- Hope

The very best elder law attorney and staff anyone could ever ask for! I have referred a number of clients to Cindy and she never disappoints. She is kind, caring, and extremely thorough in making sure everything is completed as it should be. I highly recommend Cindy for anyone needing lawyer services; she truly goes above and beyond for every client she helps and has had a huge impact in so many peoples’ lives. Thank you, Cindy and staff, for everything that you do- I’m so glad to know you!

- Kerri

I heard Cindy’s presentation at a Senior Luncheon at my church, and was very impressed. She helped my daughter and me understand many aspects of elder law. Josh has also been very helpful in my planning to enter an independent living situation . I have told many friends about them.

- Charlotte

Cindy and the Nelson Elder Care Law team are trustworthy and helpful. They are the experts in elder care law. At Leaf Cremation, we entrust our families to the care of the Nelson team when their services are needed.

- Pierce