Outlook Money
Perpetual succession is a legal arrangement to help you exit from your business or an organisation you have founded in the event of your death or retirement by passing on the assets and the responsibilities to an individual/s or an entity.
Estate planning helps you distribute or transfer your assets, responsibilities, and ownership smoothly after you are gone.
Seniors can draft advance directives, such as a living will or a power of attorney for healthcare and other purposes, and designate someone to make decisions on their behalf, outlining their preferences, in the event of incapacitation.
Perpetual succession is a way to manage your financials after retirement when you have transferred the ownership of your business to someone else.
Estate planning will guarantee that everyone is on board and prevent disputes later.
Trustees are often trusted and eligible members of the family who can execute the tasks honestly and efficiently.
Compiled By Himani Verma