Succession

Succession is the orderly passage of power, assets, or other property from one entity to another. Legal rules documents govern succession with regard to the assets of estates after a person dies. Corporate and government structures also typically create rules of succession to ensure the orderly transfer of power under a variety of circumstances.

Understanding Succession

Succession takes place when circumstances require an entity to pass power, assets, or property to some other party. Typical triggers for succession include retirement, death, obsolescence, or incapacitation. Under ideal circumstances, all parties involved in succession have prepared and documented a plan so that the process moves smoothly, allowing any successor to fulfill any new duties in a way fully compatible with all other entities in place.