Marriage can change more than a couple’s day-to-day finances. It can also change what happens to property after one spouse dies. A prenuptial agreement may address who owns certain property or what each spouse may receive at death. An estate plan may address some of the same assets. A Virginia estate planning lawyer can help make sure the documents support the same plan instead of pulling in different directions.
What Can a Prenuptial Agreement Say About an Estate?
Under Virginia law, a premarital agreement can address how property will be handled at death. It can also require a spouse to make a will or trust to carry out the agreement. The couple may address rights involving life insurance as well.
That gives couples flexibility. One person may want children from an earlier relationship to receive a family home. Another may want to provide a set amount for a future spouse. A prenup can help define those expectations before marriage.
The estate plan should then be built around those promises. If the prenup says one thing and the will says something else, the conflict can create delay or litigation after death.
Can a Will Override a Prenuptial Agreement?
A later will does not necessarily erase obligations created by a valid prenup. If the agreement requires a spouse to leave certain property to the other spouse, signing a will with different terms may create a conflict.
This is why the documents should be reviewed together. A will or trust should not be treated as a separate project when a prenup already controls rights at death. Beneficiary designations should also be checked against the agreement.
The reverse is also true. A couple should not assume that a prenup automatically updates an older estate plan. An older will may still follow a family plan that no longer reflects what the person wants.
How Do Spousal Inheritance Rights Affect the Plan?
Virginia gives surviving spouses certain rights in an estate. For deaths occurring on or after January 1, 2017, a surviving spouse may have a right to claim an elective share based on the marital-property portion of the augmented estate.
Some spousal rights can be waived through a written agreement. Virginia law allows a surviving spouse to waive the elective share and certain other statutory rights before or after marriage, subject to rules governing enforceability.
This is one area where a Virginia estate planning lawyer can be especially useful. If a prenup includes a waiver of inheritance rights, the estate plan should reflect that waiver clearly. If the couple intends to provide more than the prenup requires, the estate documents should make that intent clear.
What About Beneficiary Designations?
Not every asset passes through a will. Retirement accounts and life insurance policies may pass according to beneficiary forms instead.
That means a carefully drafted will may not control everything a person owns. A prenup might require one spouse to maintain life insurance for the other spouse, for example. If the beneficiary form does not match that promise, the disagreement may have to be resolved after death.
Couples should review beneficiary designations when they sign a prenup and again when they update an estate plan. They should also revisit them after a major life change such as the birth of a child or the purchase of a home.
When Should the Documents Be Reviewed Together?
The best time is before the documents are signed, but an existing plan can still be corrected. A review is especially useful before marriage or after a major change in property. It can also help after a new child joins the family.
The goal is not simply to have both a prenup and an estate plan. The goal is to make sure each document supports the same wishes. That may require changes to a will or trust. It may also require updated beneficiary forms.
How Can Brandon Davis, Esq. Help?
A prenuptial agreement can better protect a plan when the estate documents work with it. Brandon Davis, Esq. can review how the documents fit together and help identify conflicts before they create problems for a surviving spouse or other beneficiaries.
If you are getting married or already have a prenup that has not been compared with your estate documents, speak with a Virginia estate planning lawyer. Call Brandon Davis, Esq. at (540) 425-8278 or reach out online to discuss whether your current plan says what you intend it to say.
