Family succession is a term used to describe the transfer of ownership and leadership of a family business or estate from one generation to the next. Other words that can be used to describe family succession include inheritance, legacy, succession planning, passing the torch, handover, and transfer of power. Successful family succession requires careful planning, communication, and collaboration among family members. It is important to have a clear understanding of the goals and values of the family and to establish a process for selecting the next leader. By ensuring a smooth transition of power, family succession can help ensure the ongoing success and prosperity of a family-owned business or estate.