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Business Duty Officer

Hereditary planning: legal aspect

Hereditary planning: legal aspect

The transfer of the business must be planned in advance as with legal, and from a managerial point of view. Therefore, today we will talk about such a tool as hereditary planning..

What is hereditary planning?? In general terms, it's drawing up a plan for the transfer of business by inheritance to the next generation.

Why such planning is benefitable? At thr very least, it'll save time and money. If the head of the company doesn't have a clear understanding of, who will run the firm after his death, or how to distribute assets and powers among heirs, then the solution of these issues is likely to go to court, which will require a large number of time and financial losses. At the same time, the trial itself is not the most serious problem., since the consequences of the head's uncertainty in inheritance matters can even be bankruptcy and withdrawal of the company from the market.

What actions are performed during hereditary planning and help to make the process of transferring business more comfortable?

  • High-quality preparation of new owners and managers for all business processes,
  • Legal and psychological preparation of heirs to receive certain property (a certain share),
  • Distribution of shares and powers between heirs and much more.

As a lawyer, I can assure, that inheritance disputes are among the most difficult and fundamental in all marital and family relations. That's why it's important and necessary to use this method of painless hereditary regulation.

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