tj444
Posts: 7574
Joined: 3/7/2010 Status: offline
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quote:
ORIGINAL: zephyroftheNorth quote:
ORIGINAL: tj444 Imo, people need a variety of tools- prenups or co-habitation agreements, partnership agreements if owning assets jointly (even if its your spouse/partner), wills (which need to be updated regularly and when major changes occur), regularly updating the name(s) of beneficiaries on insurance policies, RRSPs/IRAs, etc (lots of people have one of their ex's still listed!!!), and creating trusts as well. I think anyone with a lot of assets should utilize trusts (in the US estate taxes can be very detrimental). People need each for various situations, imo. But that is my opinion. It doesnt matter to me if the person i come to live with has more assets than me when we meet, I want it clear that i would not be with him for what he has and he can name whoever he wants as beneficiary of policies and his will (as is his right regardless anyway lol). I also expect the reverse to be true.. Great post tj. Sadly in my case it would be putting the cart before the horse; I need to find the partner first. Do you do this professionally? Forgive me if you mentioned it; I can't be bothered to look. Well, I have put much before the cart as well, however, when the time comes, I will discuss all of that with anyone I want to live with (I wont marry again, pretty set on that). No, i dont do this professionally but I have looked at various aspects for a while now and that is why I say i have been lucky in the past as I did not have prenups/agreements in place. Since looking into it tho, I see the need to protect my assets and what they grow into, I need to allocate where I want them to go (such as a charity, etc). It really is amazing to talk to a guy and hear that his will or insurance policy still names his first wife as beneficiary, and that he just never bothered/got around to changing it.. Imo, that happens a lot. Great for his first wife tho, not so great for his present one...
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