The more financially successful you are, the more there is to manage, even when you are no longer here to manage it. And while a nest egg – however vast – can be readily divided as per your wishes, succession planning with respect to a working business or farm is a different issue entirely.
How do you pass the family business on to one of your children (and in a commercially viable form) while at the same time treating your remaining children fairly?
The answer is with conversations, sound advice and thoughtful planning.
Succession planning is ultimately about the nature and the quality of the family legacy that you leave behind.
The best legacies do not arise fortuitously from the pages of a last-minute Will. The best legacies are built very deliberately, in some cases over many years.
So the sooner you begin building, the better.