Succession Planning: Part IV

Years ago, a brother and sister inherited a small business when both parents died suddenly. Both siblings worked in the business, but the brother inherited control of the company.

Suddenly, he became the executor of the estate, the chairman of the board, and the acting CEO. He had to manage three different roles while grieving the death of his parents and navigating a strained relationship with his sister.

When developing a succession and estate plan, it’s sometimes wise to appoint an unbiased executor to navigate the relationships and details of the estate.

Proverbs 14:8 teaches, “The wisdom of the prudent is to give thought to their ways, but the folly of fools is deception.”

Loss has a funny way of bringing out both the worst and the best in people. Setting up a will that expects level-headed and cohesive actions from family immediately following your passing is a bit much. However, accounting for grieving in your succession plan will build a strong foundation for your business after you are gone. An additional unbiased person will give stability and direction to your plan.

You will want to consider an executor who knows God’s heart and your heart and has great wisdom.

Questions for Reflection

• Who could you ask to be the executor of your estate? Who would you trust now to tend to your affairs if you could not? How deeply would that person be impacted by your death?
• If you passed away today, would there be unresolved conflict in your family? Are there still apologies and reconciliations you need to make? What would you regret the most if it was left undone?