January 2025
Technical Note
HBS Case Collection

Note on Estate Planning

By: Christina R. Wing, Maryann G Bell and Kara A Perusse

Format:Print
| Language:English
| Pages:13

Abstract

Crafting a comprehensive estate plan is not just about ensuring the smooth transfer of assets; it is about leaving a lasting legacy and protecting your loved ones from unnecessary stress and complications after you are gone. Estate planning is a particularly important process for those who have built a family business. Ownership of the company affects more than just the family: stakeholders include employees, customers, suppliers, and the broader community that the business supports. Planning for an ownership transition may include business leadership transition planning, board representation guidance, as well as the smooth transfer of assets to the next generation. The significance of estate planning cannot be overlooked, and it is important to initiate these conversations early.