3 Reasons To Think About Succession Planning When Downsizing

3 Reasons To Think About Succession Planning When Downsizing

succession planning


As millions of Americans begin downsizing their homes and seek simpler, more carefree lifestyles, they also should be thinking about succession planning. Succession planning while downsizing will make the transition into retirement less stressful and allow others to take over the responsibilities which once were on the shoulders of the successful homeowner.


Here are three good reasons to consider succession planning when downsizing:

  1. Less Stress - During the tedious task of downsizing there are many decisions about what to keep, what to donate, what to give to family and/or what to throw out. Many advisors who help with succession planning also have the resources to help homeowners downsize their home. Doing these together will simplify the overall process and create less stress.
  2. More cost effective – Deciding to do succession planning when downsizing can pool resources, ultimately saving money. Often wealth advisors have access to succession planners who also can assist the homeowner with sorting out their household assets, which will save time and money for the downsizing homeowner.
  3. Create opportunities – Downsizing and succession planning will provide opportunities for individuals and businesses which didn’t exist prior to when the downsizing and succession planning took place. The movement of assets for homes and businesses into other people’s hands creates income and job opportunities across many verticals.


Most wealth advisors are familiar with the process of succession planning. Engaging them to help with downsizing makes the whole process go more smoothly, while creating opportunities for others. The concentric circles which surround succession planning are very similar to those same concentric circles which surround downsizing.

Posted by Jim Henderson

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