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An estate plan can work exactly as structured while the business inside it fails.
A business is different from most other assets inside an estate. Its value may depend on the owner continuing to lead, make decisions, maintain relationships, or simply keep things moving. When that owner dies or becomes incapacitated, transferring ownership may be only part of the problem.
Estate planners do not need to become business succession experts. But when a meaningful portion of an estate is tied up in an operating company, they should recognize the assumptions the estate plan makes about that company. A Business Estate Plan addresses four of them: emergency continuity, governance, ownership mechanics, and strategic intent.
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