Most people have heard by now that famed television and film actor Luke Perry recently passed away after suffering a stroke that left him on life support. While his loved ones are now celebrating his life and mourning his loss, they may also be turning to his estate plan to determine how his assets will be distributed. This is no small task, considering his estate is estimated to be worth $10 million.
Successful contract negotiation takes a lot of foresight. The terms of these agreements can have long-term consequences that can define business relationship for years or even decades. But while thoroughly negotiating and carefully drafting the terms of a contract is important, equally crucial is the enforcement of those terms. After all, a party that doesn't take action in the event of a breached contract is left with no recourse. This means that it will essentially be taken advantage of without punishment for the financial harm it is causing to the other party.
No matter how old you are or how close you are to your loved ones, they will likely make some decisions with which you do not agree. Although, as you get older, some of those choices might seem to make more sense.