What Can We Learn from the Shaman and Princess? – Insights into Prenuptial Agreements and Estate Planning

It reads like a Disney story, but you can’t make this stuff up! Norwegian Princess Märtha Louise and American self-proclaimed shaman, Durek Verrett, got married this past week.

Not your traditional royal, the Princess is allegedly clairvoyant and has taught others how to create miracles and talk to angels. Of course! As for the shaman, his website claims that he is a sixth-generation shaman, “servant of G-d and energy activator” who “demystifies spirituality” through his “no-nonsense teachings.” For sure!

The Controversy

The controversy (other than the obvious) surrounds the Princess’s royal title use for commercial endeavors. It turns out that her father, Beloved King Harald, 88, may not enjoy the commemorative wedding gin with her royal title, the Hello! Magazine’s exclusive coverage of the weeklong wedding ceremony, or the upcoming Netflix “in-depth and moving documentary” on their relationship. Poor guy!

Now, I love love like the next guy, but this union begs a discussion on prenuptial agreements.

Prenuptial Agreements vs. Trust Agreements

Sometimes folks call me looking for spousal protection (a prenuptial agreement) through a trust agreement. A trust agreement is great, but it really doesn’t address the spousal relationship. Even if we draft a gorgeous trust (it’s the only trust I draft!), the trust doesn’t speak to spousal interests. If a spouse is entitled to an asset, he or she would still be entitled to the assets through the trust.

The trust, regardless of what I put in there, wouldn’t address a spousal elective share or the spousal homestead rights. My estate plan looks at a married couple as one unit. Other than a few minor exceptions, the only effective way to disinherit or address spousal concerns regarding death or a divorce is through a prenuptial or postnuptial agreement.

The Importance of Prenuptial/Postnuptial Agreements in Estate Planning

In fact, the prenuptial/postnuptial agreement should be drafted prior to the estate plan. Once we have the prenup in place, we can move forward with creating the estate plan that mirrors and references the prenup. If a postnup is drafted after an estate plan is created, it makes sense to review the estate plan to make sure it supports the postnup and doesn’t conflict.

Conclusion

And there you have it. We learn that a trust is powerful but has its limitations. We also learn that I’m very excited for what’s called “the cringiest wedding of the year” on Netflix (I didn’t say it). Who knows, maybe Princess Märtha and Shaman Durek are destined to be together forever. They may have found in each other someone whose crazy matches their crazy, and they just don’t annoy each other!