Can You Rule From the Grave?

Business Leader Post, March 20, 2013

Thomas D. Davidow, Ed.D.

Yes! But you need to do two things:

The first is to create an estate plan. Not having one leads to probate court which not only takes forever to settle; the chances are slim that it will settle reasonably. The lack of an estate plan also promotes family chaos. The family will have to guess what you wanted. Although everyone’s guesses will be somewhat correct, they will mostly be wrong. Nobody can read another person’s mind, and you will not be there to tell them.

The second is to have a set of fair and reasonable rules based on principles or guidelines for interpreting those rules. For instance, fairness can be a guideline. Fairness may not be the same thing as equality, but it can be understood and interpreted as a way to operate as a family and as a business most effectively.

Providing an estate plan and a reasonable set of rules for your business and family is a sign of good leadership. That leadership can continue to be there in how you design your plans for your business and for your family.

One more thing: Do it now.