When we weren't at the ice rink, my friends and I spent a great deal of time in the pool hall, mastering the art of pinball, and spinning plug nickels into the machines skillfully to get extra plays.
One day, as a friend and I hovered around one of the pinball machines, we noted the arrival of two regulars at the billiard table behind us.
The two men, obviously twins, wore long straight hair about 3 inches past their shoulders, motorcycle boots and faded jeans These mustached brothers, in their mid 20s, were virtually identical in every way other than the color of their T-shirts. I have no idea what their names were, (let's call them Cain and Abel) but suffice it to say that they attracted the full admiration and respect of us 12 year-old boys. These guys wore the uniform of cool.
After several minutes, while we were battling some foe on the pinball machine, suddenly the room filled with deafening profanity and a loud crack as both Cain and Abel let out a string of raging oaths. One of them had slammed his pool cue on the edge of the table, breaking it in half, and exposing a very sharp sword-like end. He turned the heavy handle of the pool cue around again and jumped on top of the table swinging at and attacking his identical brother with apparent lethal intent.
We thought we were about to witness a murder. This was clearly an argument that had roots in something more than a billiard ball, or a bet. Seething hatred screeched among the swings and jabs as did the sort of coarse language that would embarrass a hockey coach. My friend and I crawled underneath the pinball machine literally shivering with fright.
The one on the table (Abel) swung the cue again, glancing the side of his opponent's face, drawing blood. Rather than recoil, the injured man grabbed hold of the sharp end of the cue with one hand and pulled his brother off balance. Gaining this momentary advantage, he hammered his brother with a full-on right upper cut to the crotch. Abel buckled over, and Cane pulled him down on to his back, slamming him hard on the cement floor. Pressing a knee on each bicep, and the jagged edge of the pool cue against his brother's neck, Cain let out another string of profanity, full of venom and spit. Abel was unable to respond, try as he might. He pressed upward against the sharp edge of the cue, and vomited.
Now fast forward an imaginary 40 years. Assume Cain & Abel's father has just died intestate (without a will). The boys still don't get along.
There is a common misconception that your spouse will inherit everything upon your death if you die without a will. However, in BC if you die intestate your spouse will receive a preferential share of the estate, but the final disposition will be determined by a legislated formula, which may or may not be fair in your case.
We have a corny saying in our business: "A real estate lawyer isn't a real estate lawyer." One way to help assure an orderly disposition of your nest egg is through a will, preferably one designed by a lawyer with specialized financial skills.
We face many uncertainties in the investment world, but death is not one of them. We will all die. Only the timing is unknown.
A wise elderly woman said: "A well-planned death might cost a little more money, but that cost is infinitely more valuable than just leaving the cash for the children to fight over."
Mark Ryan is an advisor with RBC Wealth Management, Dominion Securities (member CIPF) and can be reached at [email protected].
