Succession Planning - Will
Succession planning is so crucial yet largely ignored.
Implications of taxation, disputes amongst successors, debts payable are some of the concerns that can be taken care of through proper planning during the lifetime of an individual.
Writing of a legally valid 'Will' is an important tool to take care of critical aspects to avoid future disputes amongst family members.
Billionaire veteran investor Warren Buffet has advised all parents of modest or staggering wealth to show their 'wills' to their children before signing.
“Be sure each child understands both the logic for your decisions and the responsibilities they will encounter upon your death,” he stated.
“You don’t want your children asking ‘Why?’…when you are no longer able to respond, “he added.