Succession Planning is two fold. One is an emotional one – the desire to leave a legacy – and one is a financial one.
Succession planning is to ensure the smooth transfer of wealth and assets from one generation to the next. It also ensures that the family’s values and legacy are preserved. There are several key steps which are to be followed and understood to execute a proper succession plan. This involves identification of key assets, conversing and taking into confidence members of the family, establishing a governance structure and seeking professional advice.
