Get off the couch!
14 August 2019, Eduan Human
Get off the couch! I don’t mean stop being lazy, more about that later…I love life and want to get... the most out of it. Whether it’s in your social, personal or business life, I believe that everything you do should make life better, for you or for others. Lying on the couch won’t do that.I love the law, and love it when people ask me about it. The law has an impact on all of us, and I’m not talking about what to do when you get arrested (more on that from Grant). Nothing in life is certain, but death and taxes. This is your primary meeting with the law. The list becomes longer when getting married, buying property or starting a business.This means that you need to get off the couch and do something about it.At DBC it is my job to help people realize where the law has an impact on them, before getting into trouble. This placed me at the head of the commercial department of the DBC Group, including wills, estate planning, commercial transactions, property law and administration of estates. 5 things I tell clients daily:
One day you will die. Get a will, a good one.To say in your will that “all my assets should be sold and divided between my children” is a bad idea. To include a trust for minor beneficiaries is a good idea. If you don’t understand the law of testation, don’t draft a will yourself.
Take buying or selling your property seriously.For most of us spending (or receiving) a million plus on a property, is a massive deal. Don’t sign a sale agreement in which the “gaps” were completed by hand and make sure you trust the transferring attorney.
Every document you sign means something and every promise not in writing means nothing.A written agreement is very important, always have one and make sure you understand what it says.
Actually, you do know what happens when you die…Some of what you have heard about families fighting about teaspoons when someone passes away or a wife being left with nothing but debt after her husband’s death, is true. You can do something about it by understanding the process.
Companies and Trusts are not simply structures set up to save tax or protect assets. As director, shareholder or trustee you have certain duties. Know them. Also, know the contents of your trust deed, MOI and shareholders agreement.
The moral of the story is that most people we deal with don’t realise the impact of the documents they sign, or do not sign. Don’t just do something to get it done, but care about what you do.Get out of your house, go for a jog, climb a mountain, spend time with your family, listen to The Beatles, and also…get a good will, understand that your property is worth a lot, think about what happens to your family after you pass away, protect your assets that you worked hard for…get off the couch!