Securing your business legacy: Crucial tips for estate planning

I'm a 54-year-old man running a textile manufacturing unit. I want to ensure that upon my death, business operations and assets are secured. How can I protect my business interests after my death?

- Aditya Chopra & Moxy Shah

—Name withheld on request.

Follow these steps to ensure protection of business ownership, operations and management upon the death of a business owner:

Succession plan: This may involve passing ownership to family members or selling the business to an external party. A key goal is to minimise conflicts among family or partners by creating a detailed and clear plan to transfer ownership and management by defining specific roles and responsibilities. A well-crafted succession plan ensures business continuity and preserves the legacy.