Succession planning

What is succession planning? Why succession planning is important? Examples of poor planning  1. No one can replace you 2. You pass away and your wealth does with you 3. Your ideas go with you 4. No one knows why you are doing what you are doing 5. No one can take over from where you left off In most families when the bread winner dies no one is able to handle the money and advance the family. It is the responsibility of every family to teach their loved ones to manage finances. A friend was left with good inheritance but it soon disappeared because she was not ready and or did not know how to look after her wealth. It is true that people when the bible says a fool and his money are soon parted they t refer to situations like this.  You may be the best at what you do but when no one has taught you how to manage money they you are a fool with money.  Most fathers fail their families (focusing on men intentionally). All they know is to bring money home and do not spend time with their families. If je makes good money non of his family members works or worry about making a leaving. He teaches them to depend on the wealth he has built.  This attitude is such that one throws money at everything and one does not have relationship with their family. They are always working and making the money. They spend too much money on their family when they want to spend time with then. It is as if they are buying their time. Expensive gifts and all the money does not address the gap you are leaving as a leader when you die or become incapacitated.  What does your family know about making money? Will they be able to take care of one another in your absence? How will they turn out? It does not matter that your loved ones will not have to work again, did you teach them enough to be able to take care of themselves without you being there? Having a trust will save them from finishing the money. Will they leave a good quality of life without you?