Wills and Prenup Agreements

This post was prompted by a conversation by a young man who lost his father recently.  His father passed away intestate, which means, without a will.  With the property and business this man on his death was worth almost a million dollars.  Because he didn't have a will much of this money goes to the government for "estate taxes" and the lawyers that need to probate the estate, plus the man had three sets of children who are fighting amongst themselves for whats left over which adds to the lawyers fees.  They expect to have very little left of this money when the lawyers and government finally settle the estate.

The sad part is that this could have been avoided if the man left a will.  All that he worked for when he was alive will be gone to people other than who he really wanted it left to and his family has been torn apart.  The saddest part is the destruction of the family he left behind. 

Wills and Prenuptial Agreements are not bad things.  They actually prevent bad things from happening and from anger or sadness get in the way.  If you don't have the money to pay for a Will legal aid does have funding for this at least in Ontario, but there is lots of information out there to learn from.  Even if you have to pay for the will in the long run it will be worth the money spent. 

The same applies for a Prenuptial Agreement.  I new a women who worked with her husband to build up his business and after many years of marriage they decided to divorce.  When they got married they did a prenuptial agreement and she said that it was the best thing that they could have done.  It prevent the immediate anger of the divorce from ruining the business and their children because the prenup covered all these situations.  They were given the opportunity to have their anger without ruining their lives.  No divorce is civil.  Even though you try to keep it civil sometimes the hurt and anger rise up and you only think about making the other persons life miserable not about the consequences of the actions you might take. 

That's why you protect yourself, your family and your hard earned money by investing in a will or prenup agreement.  Just a little food for thought, only North Americans call it a prenuptial  and resist doing it but almost every other Country calls it a Marriage Contract, Troussuo, Bride Price and most women within these countries would be insulted if something like this was not provided before the marriage.