Estate planning is about distributing assets when someone passes away—through wills, probate, or basic legal documents. Succession planning, however, is much broader. It’s about preparing for continuity, training successors, protecting family unity, and creating a long-term legacy that can span generations.

There’s a common myth that succession planning is only for people approaching retirement. In reality, the best time to start is:

• As soon as you begin building significant wealth or a business.
• After major life events like marriage, children, or international relocation.
• Whenever family or business complexity grows, making decisions harder to manage without a framework.

This usually comes down to smart structures. Trusts, holding companies, or family governance arrangements can reduce exposure to inheritance taxes, simplify cross-border transfers, and minimize legal delays. The earlier these strategies are put in place, the more effective they become.

Trusts are more than just legal tools. They allow you to set conditions on how wealth is managed, define when heirs receive assets, and shield the estate from unnecessary taxation or disputes. Families often use them to ensure wealth isn’t just handed over, but stewarded with care and purpose.

This can feel overwhelming, and there’s no one answer to this question. The process usually involves:

• Evaluating successors based on capability and alignment with family values.
• Considering external professionals or independent managers if family members aren’t ready.
• Preparing chosen successors through mentoring, leadership roles, and structured involvement over time.
• It’s not just about “who gets what,” but about setting up people for success.

Global families face unique challenges. Inheritance laws differ widely between jurisdictions, and what works in one country might not hold up in another. Succession planning in these cases usually requires:

• International trust structures.
• Careful tax alignment across borders.
• Legal frameworks that protect heirs in multiple jurisdictions.
• Handled well, it ensures family wealth moves seamlessly, even when family members don’t all live under the same roof or the same legal system.

More families today are designing plans that include charitable giving, educational foundations, or family charters that reinforce shared values. This way, wealth isn’t just preserved, it becomes a vehicle for impact, funding causes or initiatives that matter most to you.

A succession plan is like a living document. Life changes—marriages, divorces, new grandchildren, business growth, or regulatory shifts—all affect the plan. Ideally, you should review your plan every few years, or right after any major personal or financial event, to ensure it still reflects both your circumstances and your intentions.