Succession Planning
/ˌsəkˈsɛʃən ˈplænɪŋ/
Definitions
- (n.) A strategic process used by organizations to identify and develop new leaders to fill key roles, ensuring continuity of leadership.
The company implemented succession planning to prepare for the CEO's eventual retirement.
- (n.) In estate law, the orderly transfer of assets and management responsibilities from a deceased person to their heirs or beneficiaries.
Succession planning is essential for avoiding conflicts among heirs after the decedent's death.
Forms
- succession planning
Related terms
See also
Commentary
Succession planning in corporate contexts focuses on leadership continuity, while in estate contexts it deals with asset and management transfer upon death.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.