The process of transitioning control from one party to another. For example, a business would want to conduct succession planning to ensure a smooth transition to the next generation leading operations. The most common use of this term would be "succession planning" which aims to ensure a smooth transition from one state to the next. As an executor, this term will be very relevant if the estate includes a family business or any other form of business ownership. If business interests exist, it is important for the executor to review the last will and testament for any instructions regarding contingency plans.
What you need to know
What to do when a loved one dies
When people die, they leave behind a life that must be closed out. Don't tackle it all alone. From planning the funeral to tackling the legal & financial estate, here's an ultimate checklist of all the things an executor needs to do following the loss of a loved one.
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