The Art of Drafting
I've always been a big believer in the importance of good legal drafting. My feeling has only been reinforced since I've recently encountered the following:
1. A buy-sell agreement that tells how to value the company's shares upon the employee's death, but makes no mention of the valuation date to be used;
2. A premarital agreement that requires one spouse's estate to pay "for the support, health care and maintenance" of the other spouse, but doesn't define these terms or set a timeframe for payments; and
3. A trust (in the same case as the above premarital agreement) that includes numerous gifts to the surviving spouse, but doesn't indicate whether the gifts are in satisfaction of -- or in addition to -- the gifts required under the premarital agreement.
Good drafting is like insurance -- it can save you a LOT of time, trouble and money down the road.
