It is important that managers and employees have proper contracts of employment in place with their employers.
They should also develop a proper personal estate plan, which is a set of legal documents recording enduring powers of attorney covering how they want to have others make decisions for them about their affairs generally if they lose capacity when they are alive; and, of course, a will setting when they die, how they want their wealth and assets to be divided amongst their family and loved ones.
The prevalence of ‘blended’ families raises unique considerations for each of the parties as to how both, as spouses and parents, on their death, will fairly distribute their assets amongst the children of the blended families.
From time to time managers and employees venture forth and establish their own business, either as a sole trader, or in conjunction with another person or persons. As business owners, the contents of the sections herein on “Businesses” and “Owners” become relevant to them.