An estate plan can keep your business and personal assets out of probate court, making the transition of your assets much smoother for your family members. Additionally, by creating an estate plan, you will have full control over what happens to your business and other assets after you die or become incapacitated. Succession planning is a strategic blueprint for creating a seamless transition of business operations, management and ownership to partners, future generations or successor owners. For people who are in a partnership business, it’s important to create a succession plan as part of your estate plan to ensure that whoever replaces you as a business owner is someone you fully trust and who is invested in your business. By creating a succession plan in advance, you can provide stakeholders with the expectation of a smooth transition that adheres to the company’s mission and vision.