Say you’re recently married and have a baby. Your husband has three children with his first wife, along with assets and family wealth he’ll likely inherit. He insisted on a prenup with you forfeiting your rights to it.
Your husband said he would get life insurance designating you as the beneficiary. However, he’s backing off that idea. In fact, he doesn’t want to talk about a will or make an estate plan.
If you want to make sure there’s a plan in place for your son, what can you do on your own?
Nj.com’s recent article entitled “My husband won’t make an estate plan. What can I do?” says that it’s understandable that a husband wants to provide for his children from his first marriage. However, it’s too bad he’s not treating this current marriage the same way.
Second marriages can frequently get complex as far as estate plans.
Even if your husband doesn’t help, there are steps you can take. You can have estate documents prepared by an experienced wills, trusts and estates attorney.
In addition, you can buy life insurance policies, naming your child or children as beneficiary. A life insurance policy is considered a non-probate asset. This means that a beneficiary can receive the proceeds from the policy more quickly than if they had to wait for the estate to be settled through a probate court.
With the assistance of an experienced estate planning attorney, you could also have a will drafted—which is recommended whether or not you buy an insurance policy.
A will provides direction for what happens after you die and can distribute your property to your loved ones, name an executor to handle your affairs, name a guardian for your minor child(ren) and state your wishes for your family and friends.
Another thought is to establish a trust to distribute your property. Exploring these options early in your son’s life might make you feel more prepared for the future, and more secure with the circumstances you have in your marriage.
As far as the prenup, if you have specific questions about the language, you should speak with an experienced attorney.
Reference: nj.com (March 10, 2022) “My husband won’t make an estate plan. What can I do?”