How does a prenup fit an estate plan?
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We actually call it a marital property agreement because it can happen before or after you get married, and they're equally valid either way.
The marital property agreement determines what is going to be considered to be your assets. An estate plan says what happens to my assets when I die. So there are two different pieces of it, but it's really important that they work well together.
So if you have an estate plan that says I want all of my property to go to my children that were from a previous relationship and my spouse has children from a different relationship, that's part of it. But it hasn't figured out what you mean when you say all of my property. It may not be what you think it is because in Wisconsin, everything that you own and everything that your spouse owns is presumed to be equally owned by the both of you. So it's important if your intention is, especially in a blended family, if your intention is for your assets to go to someplace that's different from where your spouse's assets would go that you have some sort of agreement in place to figure that out.
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This video is for informative purposes only. It is not intended as legal advice. Small details can have big consequences. Want to know more about Estate Planning, schedule a free consultation with us.