Whether you are a person owning assets or an owner of a Company or a business, succession planing is of paramount importance as asset protection tools and establishment of the appropriate procedures and legal framework will be working on your behalf irrespective of unfortunate unforeseen incidents occur at personal, family or corporate level.
Succession planning in a nutshell is the establishment of vehicles or the legal proceedings so that your wishes are followed once specific incidents or events take place. For instance upon retirement you may decide that the shares of your company will be acquired based on a specific method or by a specific person. Similarly, you may not want to pass over all your assets to your beloved ones to protect them again this can be achieved using the appropriate vehicles, in this case discretionary trust.
Since these matters attract a fair amount of taxation to all stakeholders, careful planning must be executed well in advance to minimise such exposures.