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Taylor and Travis got married recently and this is about as close as we’ll get to a royal wedding in the US LOL. Given their independent wealth and business interests, it makes sense that they executed a prenuptial agreement and updated their estate plans accordingly.
So, what can we learn from this pop royalty pair?
We can talk all about estate planning tools to support marital agreements.
Not only should a prenup (and postnup) be referenced in the last will and/or trust, but the estate plan itself should support the intentions of the martial agreement. For example, in some instances, intellectual property, investments, or business interests are placed in carefully structured trusts or entities prior to marriage. When properly planned, those entities may protect the assets and their future growth as non-marital property. A prenup could then provide an additional layer of protection by addressing the income and distributions those trusts or entities produce.
The “belt and suspenders” approach is where the trusts and entities provide one level of protection, while the prenup provides another layer. With so much at stake and changing laws, relying on multiple coordinated planning strategies is often the best protection.
So, there you go. We learn that a prenup is not only a plan for divorce. It’s also utilized to facilitate transparent communication, thoughtful financial planning, asset protection, and even estate planning. We also learn that the family attorney and estate planning attorney may need to speak with each other to ensure spousal protection.
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