Benefits and Process of Succession Planning

Across three subsidiaries in private banking, life and annuities, and wealth management, StateTrust Group, provides companies, individuals, and families with life insurance and education funds; investment and credit management; and retirement, succession, and estate planning services. With its productive estate and succession planning strategies, StateTrust Investments ensures that client estates will continue serve heirs far into posterity.

Estates include individuals assets and their liabilities. When the owner of an estate dies without a will or a trust, the state assumes control of the estate, which may mean an unfavorable outcome for heirs. Issues related to inadequate planned estates include tax liability and distribution of assets that do not reflect the owners wishes.

An effective approach to assuring that ones estate is executed according to preferences is to plan a successor. Succession planning refers to the transfer of a portion of an estate to the direct control of heirs and beneficiaries and involves the consolidation of an estates assets into a single structure designed to mitigate possible family conflicts and various legal problems related to the distribution of the estate. Planning the orderly transfer of assets takes into account such elements as the payment of debts, taxes, and attorney fees.