Being an attorney has its advantages when it comes to drafting and interpreting contracts for clients and our ventures. We want to share our top 10 contract tips that will be helpful to entrepreneurs and business owners. The consequences of making certain mistakes can costs thousands of dollars, lots of headaches, or even worse, could cause a business to fail. These tips are here, so you don’t end up in any of those situations. Enjoy!
Imagine leaving all your assets and money outright to a child or spouse only to have a creditor come in and take everything, leaving them with nothing. How about having a pregnant wife who gets in an accident but since you didn't clarify in a legal document who to save, the doctors save the fetus over your wife or vice versa? Couples are divorcing daily, and although no one wants to believe it would happen to them, it does. Imagine being separated from that spouse but not officially divorced and they get everything when you pass away.
In the estate planning world, there are numerous tips that I could endlessly write on. To narrow it down to just ten tips was difficult to say the least so please know the purpose of this is not a complete guide to estate planning but rather just a few things to think about when beginning to plan or, if you have a plan, a few tips that hopefully add value to your existing arrangements. Don't miss the bonus tip within the article; it's one of the most important!