- Carol Highfill
Estate Planning and Marriage
Marriage can be one of the best times in your life. This is true for even planning for the wedding. But, it’s also a time when you need to plan ahead for your future. You don’t want to find yourself unprepared and without any idea what you are going to do with the wealth you built before you get married. So, here are some tips on how to make sure that you have an estate plan in place before you tie the knot:
Know if a Prenup is Right for You
A prenup is an agreement (with your future spouse) that can change the way your property and wealth will be distributed in the event of a divorce.
This way, you can rest assured that if something happens during your marriage, you can choose where your assets go through an estate plan.
Know if an Irrevocable Trust is Right for You
An irrevocable trust is a legal document that allows you to transfer money or other assets into a trust fund while keeping control over them. You should consider using an irrevocable trust for your wealth because it allows you to protect your assets from creditors, family members, and others who may try to take advantage of your funds.
Know if a Revocable Trust is Right for You
If you decide to use a revocable trust, this means that you can remove your name from the assets at any point in the future. In fact, you can revoke the trust whenever you like. This gives you more freedom to manage your finances as you see fit. However, it also makes it easier for someone else to access your assets. For example, if you were to die, then your beneficiaries would receive everything that was inside the trust.
What to do when Estate Planning
When in marriage, there are always opportunities to increase your wealth and when that happens, you should create an estate plan that includes your spouse. This helps plan for the future and insures that you get to choose where the assets go in case you pass away.
For instance, you could set up a joint account where both of you put money into it. Then, you can designate which person will get the money after your death. This is all to say that your assets will be secured. If you want to learn more about estate planning, check out this article: Estate Planning for a Family Business.
Here at Independent Legal Solutions, we will help you through the estate planning process. If you would like to hear more about this or need advice from an expert paralegal, give us a call at 909-451-9819 or send us a message.