These “e-assets” include:
Successful access requires log-in names and passwords. However, federal law prohibits anyone other than you from logging on with the proper credentials. Designating this important information to a loved one can save both time and trouble. A growing number of social media companies are also trying to make the transition easier. Users can designate a trusted family member or friend to oversee the account after their passing.
For family members struggling with the loss of a loved one, proactive steps in securing digital assets are necessary during this difficult time. The increasingly alarming growth of post-mortem theft often results in grieving family members targeted by hackers whose only interest is stealing identities and profiting off the deceased.
Estate planning is not a “one and done” process, particularly in the modern era of online socialization and commerce. Attending to every detail in assets and inventories help paint a complete picture. As digital assets continue to change and grow, revisiting legal documents can ensure that all data is up-to-date and access to the assets is clearly documented.
]]>If you are considering having a prenup in place, then it can be wise to examine the items you own and determine what you may want to include in your agreement. Below are some common types of property that people protect with a prenup.
Types of property to include in a prenup
If you or your partner owns the following types of property, it would likely be prudent to address them in your prenup:
When these and other properties (and liabilities) are substantial, addressing ownership and what will happen to them in the event of a divorce in a prenuptial agreement can be critical.
Why they warrant protection
Addressing these properties in an enforceable prenup can it make it easier to divide (or not divide) the property in question in a divorce.
It can also give other parties peace of mind. For instance, you may have family members or business partners who would also be dramatically affected if you divorced and had to divide property in which they also have an interest.
If you take steps to define and protect ownership before the marriage, you can avoid the potential for messy legal and personal disputes that could erupt and threaten familial or shared assets in the event of a divorce.
Property division can be one of the most complex and contentious elements of a divorce. Taking the time to discuss these matters before you even marry can allow you to avoid or at least minimize the potential for legal disputes in the future.
]]>If you are thinking about partnering with someone in running a business take some time to consider:
1. Have you partnered professionally before? Even if you and your potential partner are family or life-long friends, the experience of running a business together can be unlike anything you've experienced before. If you are new to this arrangement, proceed with caution and only after extensive planning. There may be more than a business relationship on the line: there can also be a friendship or family connection at stake.
2. How do you each resolve conflict? Do you react similarly or differently to pressure or stress? Is one of you a steamroller while the other shies away from any form of confrontation? Understanding how you each respond to conflict can be crucial, as there will be times when a disagreement can adversely affect the business.
3. Do your personalities clash or complement? Having the same personality as someone else may work well in social situations; clashing personalities may be no problem in small doses. However, running a business together typically can be easier when people have complementing styles. Being too similar or too different can affect partners' ability to work together to tackle various complex goals.
4. How thoroughly have you discussed your roles, and the life cycle of the business? Make sure you know which roles you each will fill. Is one person in charge of day-to-day operations while the other has a more hands-off role, or will you be doing similar jobs on alternating days, or together most days? Who will be funding capital needs? How will cash flow be distributed? What is your exit strategy? How much input will each person have in critical areas of business transactions? Knowing the specifics of what you each will do can avoid confusion and prevent conflicts from arising.
Last but not least, consider seeking advice about your expectations and responsibilities, particularly with an experienced attorney who can help you craft a partnership agreement to further solidify the arrangement.
]]>And while the meat and potatoes of most prenups are the terms relating to full disclosure of financial terms and division of assets upon separation or death, other terms "governing" the marriage or relationship are often added. Care must be taken, however, not to cross the line between terms that are uniquely specific and clauses that may be unenforceable.
Understanding lifestyle clauses
Contracts of any kind are most enforceable when their terms are clear and specific. It is important to use precise language, objective measurements and distinct descriptions, as ambiguity or overreaching are the enemies of enforceable contracts.
It can become daunting or bordering on impossible to craft enforceable provisions when parties contemplate regulating their marital expectations with what has become known as lifestyle clauses. These terms refer to those that are not financial but have to do with personal habits and behaviors. Infidelity, appearance standards and housework allocations are some of the lifestyle clauses making their way into prenups, and they can be grounds for contest.
While lifestyle clauses may be part of a prenup, they could be unenforceable if they are unreasonable, overreaching or unclear. As such, parties should think carefully before including them, and seek the advice of an experienced lawyer who can provide guidance on how to do so in a way that increases the likelihood of enforceability.
Knowing whom to trust
There may be more than meets the eye, in prenup negotiations. One or both of the soon-to-be spouses may be sharing terms with other family members, business partners or even their own children. Those non-parties reviewing, critiquing and suggesting additional terms for a pre-nup may not be doing so for the best interests of one of the parties. They may also lack a legal background, and as such, they could push for unreasonable or unenforceable terms.
Even if those non-parties will soon be family, or like family, to both members of the couple, when it comes to prenup negotiations, protection of separate interests is key. In most cases, that means reaching out for guidance from someone who is only focused on the best interests of the party he or she represents, such as an experienced personal attorney.
Having a prenup can be a wise decision for many reasons. However, before you create or sign one, it's best to familiarize yourself with the guidelines for an enforceable, valid agreement. Failure to do so could mean crossing the line and creating a prenup that does not have the protection you are seeking.
]]>