Legal Question in Wills and Trusts in New York

Re: Deferred compensation

As a beneficiary that is provided by a document signed while you are alive, your actions supersede a will. In other words, payment made through your compensation plan passes outside a will.

For second marriages, I normally suggest a prenuptial agreement to protect the children. Feel free to contact this office if you want more information concerning a prenuptial agreement.

Mike.

Re: Deferred compensation

I agree with Michael that you should have some pre-marital agreement, as the new spouse may acquire rights if you continue to contribute to these plans during the marriage. While the beneficiary designation supercedes a Will, marital rights may be superior. I also recommend a Living Trust, created and funded before the marriage, with irrevocable provisions to protect your daughter. This can be flexible so you can also make provisions down the road for the new spouse and any new children. If you need assistance, contact me directly.