Related Documents

At the time the parties sign a premarital agreement, they may also sign related documents to help carry out their wishes. For example, one of the partners to the marriage may sign an agreement to create a trust. A partner in a same sex relationship can also establish a trust. A trust is a legal device by which the title to property is held by one party for the benefit of another party. For example, money in a bank account, shares of stock in a company, or deeds to land may be placed in a trust. A trustee will have the power to manage to the property in the trust for benefit of the person for whom the trust was created (the beneficiary).

A trust created in connection with a premarital agreement might be used to manage and protect the assets of the wealthier party. A trust also might be used to establish a fund for the benefit of the less wealthy party. In some premarital agreements, the wealthier party may agree to place a certain amount of money each year into a trust for the benefit of the less wealthy party. The deposits would continue to be made for as long as the marriage lasts (perhaps up to a maximum number of years or a maximum dollar amount). In the event of divorce or death, the less wealthy party's entitlement to assets might be limited to whatever was in the trust.

Another agreement that might be signed at the time of a premarital agreement is a contract to make a will by which the parties agree in advance about what the terms of their wills will be. The parties may wish to agree that children from prior marriages (or the current marriage) will receive a specified amount of their estates.

Contracts to make a will have the advantage of clarifying the parties' rights and responsibilities, but such contracts carry the disadvantage of loss of flexibility. If circumstances change, a party who signed the contract to make a will may not be able to change his or her will unless both parties consent. If, for instance, one party wishes to include a new person or charity in the will, that party may no longer be able to do so, depending on how the contract was written.