To the point: I'm the sole shareholder and director of a holdings corporation in British Columbia, Canada. It was funded with $3mm in cash. That cash is held by a national bank, and is then used to buy equities by a third party wealth management company. All these equities are shares in other companies. There is generally ~$100,000 in cash in the account at all times, the rest is invested.
Every month, I receive a dividend of $10,000 to supplement my income from the holdings company. Periodically I transfer larger sums to my personal account for large purchases or expenses.
Recently I've been working on a will. My question is, how do I go about having the business wind down if I suddenly passed away, so that all equities are sold and the cash transferred to my estate so that it will be divided up in a percentage basis to those I would like to receive it? I'm unsure of how succession works in a case like this.
I'm looking for some guidance so that I at least have some knowledge about the processes before I involve my lawyers and accountants.
