Although most business owners in Alberta understand that legacy planning is an integral part of protecting their assets and dealing with succession planning. Coping with the business-related complexities such as tax issues and more could be challenging. However, seeking legal counsel who focuses on establishing wills and estates can simplify the process significantly.
Litigation is an expensive process that could be financially devastating to any Alberta business. For this reason, many business disputes are resolved through arbitration. The primary difference between the two methods is that a judge orders the resolve in litigation, while arbitration enables the parties to find resolution through a process that suits their individual needs.
Some people in Alberta diligently take care of estate planning at some time in their lives, but not all of them schedule the review of these documents to make sure they remain current. The contents of wills and estates are affected by life's changes and neglecting this task may render them useless. For example, a person whose brother is listed as the guardian of his or her children in the event of death may have relocated to another province, or even passed away himself, leaving no one available for this critical task.