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UBB Amanah
  UBB Amanah
Trusted since 1988
Cash Trust Building Your Legacy The "LAW" Philosophy Contact Us
Building Your Legacy
Building Your Legacy

Succession Planning, Clarity For the Future, Succession Planning Timelines, Estate Planning Considerations, When It’s Time To Let Go


Succession Planning
Succession planning is about devising a strategy to ensure that the benefit of an owner’s assets passes on to the right people at the right time, and that the right controls are in place when that happens. Developing a will in the context of overall estate planning can provide a clearer and more comprehensive succession strategy that maps out your instructions and protects your estate.
Clarity For The Future
A well-defined succession plan sets out clear expectations and roles for all family and non-family members in the business. This reduces the potential for future conflict between active and non-active family members, as the transparent nature of the succession process brings to light any sources of contention or ambiguity that can be managed in the early stages of the planning.
Succession Planning Timelines
Clear timelines for succession are a great way to identify the amount of time required to train a successor for a smooth transition. Not all leaders are created equal, and some successors will require more time than others to really get a handle on the role and requirements. Setting realistic timelines helps set up successors for success and maintain the longevity of the business.

Estate Planning Considerations
Estate planning will help reduce tax on death, defer tax as late as possible and provide certainty of tax to allow for pending life insurance. This can protect the company’s assets and identify tactics required to meet the unique needs and circumstances of the business.
When It’s Time To Let Go
Starting the succession planning journey early on provides you with the knowledge that allows you to drive the exit process and determine what’s best for the future of the business. Then, as you formulate your exit strategy, build the business team and support system and manage the process, you’ll be in a better position to let the business thrive for generations to come.
 
Why create a trust?
Trusts are created specifically to hold assets for the benefit of a beneficiary or beneficiaries. Trusts enjoy specific legal protections that may vary from country to country.
Stay in touch and learn the importance in setting up a TRUST
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