Til Death Do Us Part

Why You Should Consider Estate Planning Before Planning Your Wedding

When you’re considering whether to get married to someone, there are all kinds of things you likely think about, from finances to parenting styles to good old fashioned chemistry. One thing you probably are not  thinking about is how getting married might impact your estate planning.

So how could it impact your estate planning? Well, in most states you are required to leave a portion of your estate to your spouse. 

If you live in one of the nine community property states, then your spouse automatically owns half of all community property. This has major implications for life and for death, so if you live in one of those states, be sure to learn more about how this will impact you.

If you live in one of the other states, your state likely provides some sort of marital elective share at death - typically one third or one half of your assets. You might be planning to provide at least this much for your new spouse anyway, in which case you don’t need to worry.

But what if you need or want to leave a larger portion of your assets to someone else? Say, you’re getting married late in life and don’t want the marriage to impact your children’s or grandchildren’s inheritance. Or, you’ve been divorced and your divorce decree has requirements that impact your estate. Or, maybe you would just rather leave your assets to someone else, perhaps a family member who relies on you or a charity. 

Depending on the laws in your state, there may be ways to maneuver your assets to keep them from being included in the marital share. Or, you might want to craft a prenuptial or postnuptial agreement that waives the marital share. The important thing to remember is to speak with an experienced estate planning attorney before walking down the aisle.