5 minute read
Limitless Learning
Prenups: They’re Not Just for Divorce
Ask most people what a premarital agreement (commonly known as a “prenup”) and death have in common, and they’ll likely tell you that a prenup governs the division of assets at the death of a marriage. While this is true, what many do not realize is that a premarital agreement can also ensure that at your death, your assets can be left to the loved ones you choose. Isn’t that what a will does?
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Yes, but (there is always a “but”) if you are remarrying and have children from a previous marriage, a premarital agreement may be a critical part of your estate plan.
In North Carolina, a married person’s spouse has the right, by law, to claim a share of their deceased spouse’s estate, even if that person’s will says otherwise. For many older adults entering into a second marriage, each of them will likely bring their own assets to the marriage (assets they acquired well in advance) and wish to leave those assets to their own children. A premarital agreement allows each spouse to designate those assets that will be treated as their separate property in the event of a divorce and also waives each spouse’s right to claim or force a share of the other spouse’s estate at death, thereby allowing each of them to ensure that their assets go to their intended beneficiaries.
For those who do wish to leave assets to their spouse, the agreement can also permit each spouse to make gifts to one another in their wills. Even if there is no concern that the marriage will end in divorce, a well written premarital agreement can nevertheless give each spouse the peace of mind of knowing that their estate planning goals will be carried out as smoothly as possible.
Amy Shue Isaacs
Attorney The McIntosh Law Firm, P.C. www.mcintoshlawfirm.com
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Life changes, and sometimes, so does your will
Your life is always changing and evolving and, therefore, so will your Last Will and Testament. A will can be changed or revoked at any time while you are still living and competent to make those changes. In North Carolina, there are certain requirements to effectively change or revoke your will, depending on the manner and type of change you are wishing to make. Here is a summary of three main ways to alter or change your will:
• Codicil — A will may be altered through a codicil, which is an amendment or addition to an already existing will. Typically, a codicil will be found with the original will and read together with the will. Any changes expressed in the codicil will override what was in the original will. A codicil must be executed in the same manner as the original will, meaning the testator must be competent, two disinterested witnesses are present and the codicil is notarized.
• Subsequent Will — A will may be changed through executing an entirely new will. The new will should state that any previous wills executed by the testator are now revoked by this new will. It is important that the new will is executed correctly and that any old wills are destroyed so that there is no confusion.
• Physical Destruction — A will may be revoked by physical destruction. It is very important to know that words are not enough to revoke a previously executed will. Under North Carolina law, there are three requirements to revoke a will by physical destruction: the will must be burnt, torn, canceled, obliterated or destroyed; the physical act must occur simultaneously with the intent to revoke the will; and the will maker must perform the act, or if they direct another person to do so, the act is done in the will maker’s presence and at his or her discretion.
As your life changes and evolves, it is important to speak to an experienced estate planning attorney so that your wishes are updated and reflected in your estate planning documents. This will allow you to have peace of mind that your changes comply with North Carolina law and that your wishes will be carried out once you die.
Danielle Feller is our lead estate planning attorney at Daly Mills Estate Planning. Danielle is a native of Mooresville, an AV Preeminent Rated attorney in Estate Planning, Rising Star Super Lawyer and is published in a chapter with Wealthcounsel’s second edition of Estate Planning Strategies, Collective Wisdom, Proven Techniques. Give Danielle a call today for a consultation at 704.878.2365. You can also visit our website at www.DalyMillsEstatePlanning.com.
Danielle Feller Give Danielle a call today for a consultation at 704-878-2365. You can also visit our website at www. DalyMillsEstatePlanning.com.
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