While a marriage contract is among the most common agreements that couples will make in their life, the legal implications in terms of wills and estate planning aren’t usually fully understood. Drafting a new will with your marriage contract may be a beneficial step for your marriage.
Succession Law Reform Act
Many people weren’t aware that getting married would invalidate any preceding wills under the former terms of the Succession Law Reform Act (SLRA). This revocation had the unfortunate result of leading someone to believe they had a valid will.
However, getting married no longer rescinds a past will, thanks to new SLRA revisions that took effect earlier this year in January. But this update introduces a new possible challenge. A spouse who presumes to become a beneficiary of the deceased partner’s property may be excluded from a will that was written before the two got married.
Marriage Contract and Estate Plans in Tandem
Preparing a brand-new will in conjunction with the marriage contract can help avoid such potential issues. When these legal documents are prepared together, it assures that both partners’ expectations are met. The estate plans and the marriage contract cover how to handle potential separations or death.
Negotiating agreements can also provide an opportunity for couples to have honest conversations about finances and long-term plans right from the outset. Having these conversations at the beginning of a partnership rather than during an unpleasant separation is usually far more peaceful for spouses.
Marriage contracts are generally binding on both spouses’ estates. When establishing a marital contract, spouses can choose whether to sustain spousal support duties, forego these requirements, or meet halfway.
Couples must also determine whether they wish to maintain the entirety of their assets, separate them, equate them, or set out some property for protection, in the case of a partnership collapse. These choices will have long-term consequences as the estates will be responsible for support duties as well as asset distribution.
Hire a Lawyer
A legal professional can help with drafting marriage contracts, estate plans, and wills. At Nanda & Associate Lawyers, we have a team of skilled lawyers who can assist you through all these processes. We have vast experience in Family Law and Wills and Estate and are well-versed in drafting wills and marriage contracts. Get in touch with us today to get started and work towards to better partnership.
Disclaimer: This blog is only intended for educational purposes and shouldn’t be used as a substitute for legal advice.
