As well as ownership and future goals, you’ll also need to think about all the different financial implications that your succession plan might trigger. For example, inheritance tax (IHT), capital gains tax (CGT) and pensions.
The financial aspect can be tricky to navigate and can make succession planning off-putting. However, it’s best to seek professional guidance, particularly if IHT is a concern as an expert will be able to advise how to gift assets so that you minimise the tax your loved ones are responsible for.