In our last post we discussed the importance of making plans for the end of your life -- both death itself and the years leading up to it. As we grow elderly, we become much more vulnerable. Our bodies don't work as well and we may have a difficult time keeping track of personal and business affairs. Choosing a trustworthy power of attorney, conservator or estate administrator can provide some extra peace of mind as the ability to make complex health care or estate decisions gradually diminishes.
The success or failure of a business corporation often depends on how smoothly the ownership and administration of the business is passed from the deceased founder to the heirs. Merely focusing on proper estate planning and ignoring estate administration can lead to prolonged litigation, which may affect the overall stability and growth prospects of the inherited businesses.