Natalia Demina told Legal Insight magazine about possible problems with business succession planning

In Russia it is not customary to talk about succession planning, and even less so to plan the transfer of capital. As a result, when a prominent businessman dies, there is a fight for his assets, including in courts, and the problems of succession pile up on the shoulders of the heirs, who are not prepared for their resolution.

Especially for Legal Insight magazine Natalia Demina, Senior Associate and Head of Private Wealth practice at Maxima Legal, used the example of an average businessman to illustrate all possible problems that may arise in business succession planning.

“Solving succession planning issues, the asset owner is protecting his own business, his life’s work, his team, as well as taking care of the heirs – the people dear to him, the subsequent relationship between them. The goals of estate planning are different for everyone, just like the meaning of life. Some people want to leave everything to their children or a partner, while others want to donate the money to charity. The main thing is to plan ahead to ensure the distribution of assets in accordance with the will of the client and not to turn the inheritance into a lifelong process”, said Natalia Demina.

You can read the material on the on the pages of Legal Insight magazine No. 01 (97) 2021