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HomeResourcePlanning for the Inevitable: Americans’ Thoughts on Death and Business Succession

Planning for the Inevitable: Americans’ Thoughts on Death and Business Succession

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Death is an inherently challenging topic and one that many people avoid. Despite its certainty, many Americans don’t plan for their death. But many of them have a “bucket list” of what they want to accomplish before they die. Psychic Source recently conducted a survey on this topic and found out what’s on America’s bucket lists. Let’s find out what their priorities are and see how it stacks up with what’s really important.

Related Post: The Importance of Estate Planning in Family Business Succession

Signs and Designs

While some view death as a natural and inevitable part of life, 53% of Americans fear it. But their views on the afterlife and the concept of heaven and hell can also play a significant role in how they feel about it. While some believe in an afterlife where the soul goes to a specific destination, others have more nuanced beliefs about what happens after death.

Could this common fear of death impact people’s priorities while living? Although the top item on Americans’ bucket lists is traveling, almost 40% name buying a home, and nearly one-quarter list getting married. While it’s understandable to want these things, it’s important to plan for what will happen to the things you do have before you pass away.

Also Read: The Ethics of Persuasion: When Marketing Tactics Cross the Line

Can’t Take it With You

One of the most important aspects of preparing for your death is estate planning, which involves setting forth a plan for what will happen to your assets after you die. This includes making a will, appointing an executor, and deciding how your assets will be distributed. Without proper estate planning, your assets may not go to the individuals or organizations that you desire.

Can’t Take it With You Business Succession

Your wealth can be distributed to numerous recipients, including loved ones, charities, or public works. This wealth may also awaken unseen threats to your will via scammers or family infighting. Making sure your closest friends and family know your plan is another important step, though a hard topic to broach. For example, if you’ve achieved the life goal shared by 23% of Americans, marriage, your wealth is likely to go to your spouse — including any business assets.

The Rules of Succession

Business owners, in particular, should lay out a succession plan, which refers to what happens to a business and its assets after the owner passes away. It requires choosing a successor, determining how the business will be run, and setting up a plan for the transfer of ownership. Without proper planning, your business may not survive after you’re gone.

Also Read: How to Manage Your Money to Meet Your Financial Goals

What’s Next Should Come First

A clear plan for your wealth and business assets upon your passing can minimize any potential disputes or confusion among your loved ones and provide them with ease during an otherwise difficult time. If you’ve made arrangements ahead of time to ensure your wishes are respected, you’ll also alleviate anxiety and uncertainty about what will happen after you pass away. This way, you can focus on your bucket list and live your life to the fullest without the worry of what may happen after.

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