Congratulations! They said yes! There's going to be a lot to do between now and the big day, and we don't mean to add any unnecessary stress. But there's something often overlooked that you should do as soon possible: Create your prenuptial estate plan.
Why Do You Need a Prenuptial Estate Plan?
A prenuptial estate plan is a temporary but incredibly important tool to make sure you and your fiancé have important rights and authorities prior to your marriage. For many engaged couples, the wedding is simply a formality. From the moment you say pop the question and they say "yes," you start planning and living your lives together. You think of one another as life partners. You are committed to one another.
The problem is that your love doesn't have any legal consequence. The law does not make any automatic provision for a fiancé, only a spouse. You may love each other more than anyone else on the planet, but the law doesn't confer you any rights or privileges without plan.
* If you became disabled before your wedding, what kind of authority do you want your fiancé to have in helping you financially and medically? Do you want them to have the authority to talk with doctors and help make crucial medical decisions? Do you want them to have the power to access financial assets and assist in managing your affairs? Without planning, it won't happen.
* If you died before your wedding, how would you want your assets to benefit your fiancé? Without a plan to include your fiancé, your assets would go to your relatives - usually your parents or siblings. But if you want your fiancé to receive some or all of your assets, it won't happen without a plan.
What is Included in a Prenuptial Estate Plan?
What is included in a prenuptial estate plan?
* Financial and medical powers of attorney that clearly state the authorities you grant to your fiancé.
* Last Will & Testament that provides for your fiancé.
* Counseling about the usefulness of a prenuptial agreement for keeping certain assets and liabilities separate in case of financial bad luck during marriage. (HINT: A prenup isn't just about anticipating divorce.)
After you tie the knot and your relationship has some legal consequences, we would recommend that you create a more robust plan. But this prenuptial plan can play a crucial role in giving you piece of mind while you're preparing to make a life together.
Want to Schedule Your Consultation?
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Here's the stuff we always put at the end: If you want to know more, we would love to talk with you. Best part, the conversation about how it could benefit you doesn't cost anything. If you're in the Tulsa area, call us at (918) 770-8940, or send an email to email@example.com. If you're in the Oklahoma City area, call (405) 358-3548 or send an email to firstname.lastname@example.org.
Disclaimer: Reading this blog post does not create an attorney-client relationship, and it is not formal legal advice. This is for information purposes only. It is always best to speak with an attorney about your questions, assets, concerns, and needs.