A recent Supreme Court decision in former model Anna Nicole Smith’s battle for a share in her late husband’s estate has lessons for all people with assets who are considering marriage:
Sign a prenuptial agreement. Both spouses should have their own attorneys. The agreement should be signed well in advance of the wedding, with full disclosure of assets on both sides.
Execute a will that clearly states what is intended for the new spouse. Six months after the wedding, revisit the will and make changes to other provisions but leave the bequest to the new spouse intact. This will confirm the spousal bequest.
If you wish to change the prenuptial agreement in favor of the new spouse, revise the prenuptial agreement as a post-nuptial agreement, using all the formalities of the initial agreement.
Don’t videotape any signing. Contrary to what you might have heard, videotapes might actually undermine the positions established in estate planning documents.
