Estate Planning and Retirement Plans
Couples in second (or more) marriages, especially those with children from previous marriages, should review their retirement plans. Certain qualified retirement plans are required to be paid as joint and survivor benefits unless the spouse has properly waived the right to receive survivor benefits. A waiver of this right prior to marriage (e.g., in a prenuptial agreement) may not be effective, since the parties are not “husband” or “wife” when they sign a prenuptial agreement. Thus, a postnuptial agreement may also be needed.
Contact The Elder Law Firm of Clements & Wallace P.L. for more information.