135: Character Matters Part 2: Estate Planning for Community Property vs. Separate Property

Absolute Trust Talk

If you missed the first episode of our "Character Matters" mini-series, we discussed the differences between Community and Separate Property and why the "character" of your assets matters in estate planning. As a quick recap: Separate Property includes assets owned before marriage or received as gifts or inheritances during marriage, while Community Property consists of assets acquired during the marriage.

Now, as we start Part Two, we're delving into the deeper details of property types and how specifically to estate plan for each of them. Join us as we explore important topics such as whether you should consider a pre- or postnuptial agreement, what to consider when signing one, and how the process works. Whether you're single, married, or even remarried, this episode is a treasure trove of valuable information, so don't miss out!

Time-stamped Show Notes:

0:00 Introduction

0:45 We’re getting straight to the point: Character matters when estate planning because you can’t give away what’s not yours. Sounds simple, right?

2:55 If you’re interested in estate planning for your second marriage, you’ll want to listen to this portion as we discuss how the type of asset affects what you can do with it.

4:01 Even though you can’t personally choose whether an asset is legally considered Community or Separate Property, you can change its character. Here’s how.

5:39 Is a prenuptial agreement right for you? Here’s an example of when you might want to consider one and what you can include.

6:41 Postnuptial agreements can also be an option if you’re already married. If you’re doing your estate planning with us, we’ll work with a family law attorney who can help navigate the process.