Wills are legally bound directives that state who will receive your property upon your death…
Why Prenuptial Agreements are Important?
In today’s world, as an estate planner we are seeing more clients interested in Prenuptial Agreements.
Here are a few thoughts to consider:
YOU DON’T HAVE TO BE RICH TO HAVE ONE
Those days are over. Yes, us ordinary folk can and should have prenup agreements. In the old days, commercial flight was for the rich. Then, trusts were only for the rich. My, times have changed. Not to mention that these days, people are getting married later in life (first time, second time or more). We have a number of clients in their 70’s and 80’s getting married. Those clients have accumulated assets through their hard work, savings and inheritances. There is much to protect.
DON’T WAIT TO THE LAST MINUTE
With Marriage comes stress. There is much to plan for and to do prior to marriage. The last thing you want to be doing the day before your wedding is negotiating the terms of your arrangement. It would be best to start the process six months before the wedding date.
DON’T LET YOUR EMOTIONS GET IN THE WAY
There are many rights and obligations that come with Marriage. A prenup can go a long way in sorting out those rights and obligations in case the marriage fails (unfortunately the odds are against marriage these days).
At the same time, Clients should try their best to make rational decisions about what is important to them in terms of their marriage. It is best to know where you stand before you marry versus a big surprise later on. Clients should not take the discussions that may ensue personally . It is best to understand that it is finances, legal obligations, and family situations that necessitate the prenup and not the relationship.
DON’T HAVE THIS BECOME BIGGER THAN IT IS
Many people have prenuptial agreements. So, this is not about you and what you want. Everyone I know wants to make sure that their assets are protected and that they control what happens to them in the future. The key is to resolve any issues with solutions.
THEN, TAKE THE PLUNGE
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