Creating an Estate Plan Using a Variety of Estate Planning Documents
Creating an estate plan requires a variety of documents to be prepared. These documents can include a Living will, Advance healthcare directive, Revocable trusts, and Succession planning.
Succession planning
Having a succession plan is essential for the smooth operation of a business. It protects the assets of the business and ensures continuity after the owner passes on. The plan includes identifying and addressing potential successors, delegating authority, and grooming the next person in the line of leadership. The plan may also involve identifying potential buyers for the business.
Succession planning should include a number of steps to make sure that the business continues to operate smoothly. These steps include identifying potential successors, developing a step-by-step plan for management after the owner passes, and hiring employees.
Planning for a business’s future requires that the business owner take a comprehensive look at its assets, staff, and goals. A succession plan should also …
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