18/05/2023
Succession planning
Upon the end of the reign of HRH Queen Elizabeth II, there were questions about who would succeed her. Have you considered your own succession planning? Who will take over in your business? Do you have a Will?
This event is another reminder for everyone, in particular, business owners to organise their succession plans, as early as possible, to ensure the most effective and efficient plan and transfer of assets when the inevitable time arrives. It is also important to keep the succession plan and Will up to date by reviewing and updating regularly.
The death of the Head of State highlighted how an updated and clear succession plan is vital, especially for business owners in order to allow for a smooth transition of leadership. Whether these transitions are planned and expected or not, this could cause serious harm to the survival and success of the business or even cause issues between family members.
HRH King Charles II and the former Queen Elizabeth II were both planning for the transition of leadership years in advance, and Charles had already begun taking up most of the responsibilities leading up to the Queen’s death, enabling a smooth transition. This is a great lesson for individuals and businesses from the royal family that by having an efficient and effective succession plan allows you to act quickly and ensure a smooth leadership transition, especially important for complex affairs.
A succession plan must be an ongoing task or a “living, breathing entity”. You must play an active role in reviewing and refreshing your plans by looking at your past, present and future circumstances in preparation for transfer of leadership (in a business setting) or transfer of assets (for individuals).
Make sure you have a Will. This will help you set out how you want your assets or business distributed and organised once you pass and ensure this is done in an effective and efficient way.
We can help you. Contact us to make a Will or review a current Will.
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