Will My Spouse Get an Inheritance After I Pass Away?
Many people are unsure whether their spouses will get an inheritance after they pass away. The answer to this question depends on a number of factors, including the state in which you live, the type of property involved, and whether you have a prenuptial agreement or other legal documents in place that specifically addresses inheritances.
If you live in a community property state, such as Arkansas, your spouse is typically entitled to half of all property acquired during the marriage (with some exceptions). This includes both assets and debts. So, if you were to pass away without a will or other estate planning tool in place, your spouse would likely inherit half of your estate.
However, there are ways to protect your inheritance from your spouse.
How Can I Protect My Inheritance From My Spouse?
There are a few different ways you can protect your inheritance from your spouse:
Get a Prenuptial Agreement – A prenuptial agreement is a legal document that is signed by both parties before getting married. This document typically outlines how assets will be divided in the event of a divorce or death. If you have a prenuptial agreement in place that specifically states that an inheritance will not be considered marital property, then your spouse would not be entitled to any portion of it.
Keep the Inheritance Separate From Marital Property – If you inherit property during the marriage, it’s important to keep it separate from any other marital property. This means keeping it in your own name and not commingling it with other assets. If you do commingle it, then it may be considered marital property and your spouse would have a claim to it.
Create a Trust – Another way to protect your inheritance is to create a trust. With a trust, the assets are placed into the trust and are managed by a trustee. The beneficiary of the trust (which can be yourself) does not have direct control over the assets but can receive income or distributions from the trust as determined by the terms of the trust. You can also specify in the trust that your spouse will not inherit any of the assets in the event of your death.
You can read about how a trust is different from a will here.
How Can an Estate Planning Lawyer Help Me?
An experienced estate planning lawyer can help you determine the best way to protect your inheritance from your spouse. They can also help you draft a prenuptial agreement or create a trust. If you have any questions about your legal rights or options, contact an experienced lawyer at our firm today to get the knowledgable and compassionate help you need to resolve your situation.
When Should I Contact a Lawyer?
If you have any questions about your legal rights or options, it’s important to speak with an experienced lawyer as soon as possible. Time is often of the essence when it comes to estate planning and other matters, so don’t delay in getting the help you need.
If you are unsure whether your spouse will get an inheritance after you pass away, it is important to speak with an experienced lawyer. There are a few different ways you can protect your inheritance from your spouse. We can help you achieve your goals. Call us today at (501) 891-6000 to get the legal help you deserve.
