Business Succession Planning for Tiburon Owners

Begin with the ownership records

Before deciding whether to change anything, assemble a clear picture of the property connected to your plan. An ownership inventory can identify each item and how it is held. Include the business interest and note which records describe its ownership. This helps make the planning discussion concrete instead of relying on assumptions about what a document covers.

The inventory is a preparation tool, not a conclusion that any particular transfer or change is needed. If a record is missing or unclear, mark that as an open question. The first decision is what information needs to be compared, not which arrangement to adopt.

• List the business interest and other property relevant to the estate plan.
• For each item, note how it is held and which record identifies that ownership.
• Set aside current estate-planning and financial decision-making documents.

Compare the documents as one planning picture

Estate planning can coordinate a will, a trust, financial decision-making documents and asset ownership. Reviewing those materials together can reveal which questions need attention before you choose whether to make a change. The comparison should stay grounded in what the documents and ownership records actually say.

For example, consider whether the ownership inventory and the estate-planning documents present a consistent picture of the business interest. Then identify the people named in the relevant documents and ask whether those choices still reflect your intentions. These are review questions, not assumptions that any one document necessarily addresses every issue involving the business.

• What does each current document say about the property or decisions it addresses?
• Does the ownership information you have match the picture you intend your documents to reflect?
• Are the people identified in the documents still the people you want included in your planning?

Keep unanswered questions visible

Business succession planning can raise questions about both the ownership information and the documents being considered. Separate what you know from what you still need to confirm. For instance, if you cannot tell from your records how an interest is held, list the missing information rather than assuming that a will, trust or other document resolves it.

Likewise, write down who you expect to be involved in decisions if you cannot act and who you expect to be involved after your death. Treat these as intentions to discuss alongside the documents, not as conclusions about what a particular document legally authorizes. This keeps the review focused on aligning your stated goals with the records you can verify.

Prepare for a focused review

Gather the ownership information you have, your current will and any trust, and your financial decision-making documents. An optional preparation step is to make a short list of questions beside the documents—for example, which ownership record supports a particular entry, or which person you intend to involve in a particular situation. You do not need to decide in advance that a document must change.

A focused discussion can then identify gaps or inconsistencies in the materials and clarify what you want the plan to accomplish. Whether a change is appropriate depends on the ownership and documents involved. Codi M. Dada Law Office P.C. serves Tiburon clients virtually, with its in-person office in Novato.