Question: I don’t plan to retire anytime soon but would like to start thinking about a succession plan in case the unexpected should happen. Where do I begin?

Answer: No two succession plans will be exactly alike. Each one will vary depending on the unique circumstances surrounding your business, type of legal entities, whether you have co-owners and your goals and objectives with respect to your family and the business.

Taking this into account, a good succession plan should address the following:

In California, many trust and estate lawyers say that business owners should plan to avoid probate.

Probate is an expensive public process that can cause delays in the estate administration.

To avoid probate, you should meet with an attorney for the drafting of a revocable living trust.

Once you have signed the trust document, most of your property, including your business, will be transferred to the trust. In most cases, you will be the trustee of your trust.