Put It In Writing!

 

Man Signing ContractFace it: things don’t always turn out the way we plan. Gone are the days of doing business with a handshake. We are living in a world where non-revenue producing apps receive billion dollar valuationsmarriages end after 72 days, and families are torn apart over whether to keep loved ones on life support. Given these realities, the prudent gentleman always considers whether he should put it in writing.


Here are a few things I would recommend putting in writing:

 

Business agreements: You and your buddy decide to build an app together. What if it takes off? Do you have a partnership agreement? Are you a corporation? If your buddy wants to sell the company to Google but you don’t, what happens? Once you know the answers to these questions and have the appropriate documents it place, you should have your own attorney review the agreements to ensure your interests are actually protected – think Eduardo Saverin in the Social Network.

 

Prenuptial agreements: I know these get a bad rap but they really shouldn’t.  A marriage is not just a romantic relationship. Both parties will likely bring assets and/or debts into the marriage. Figuring out how to handle financial issues at the outset will minimize the likelihood that such issues create conflict during your marriage.  

 

Wills: Many 20-or-30 somethings don’t feel like we have enough assets to make it worthwhile to create a will. First off, if you follow Mike Stock’s advice you will start accumulating assets! Plus, wills can be written to refer to future assets, the assets you will have at the time of death. So even if you are living paycheck-to-paycheck now, you can create a will to ensure that future wealth will be distributed according to your wishes.

 

Hey, I get it. These can be uncomfortable topics to think about let alone discuss with friends and loved ones. But addressing these issues by putting them in writing is a crucial part of protecting your interests, assets, and relationships. 

 

#Disclaimer: All comments, opinions, and general ramblings are my own and are not associated with my employer in any way. And of course, because I am not your lawyer, posts do not constitute legal advice.

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