Succession Planning: Why Every Family Business Owner Needs a Will

Many Kenyan families hold their wealth in land, shares and family businesses. When the owner dies without a will, those assets are distributed under the intestacy rules of the Law of Succession Act, which may not reflect what the owner would have wanted, and the process of obtaining letters of administration can be lengthy and contentious. A carefully prepared will and succession plan can prevent much of this.

Certainty for your family. A valid will sets out clearly who receives what, and appoints executors you trust to manage the estate. This reduces the risk of disagreement between family members at a difficult time.

Continuity for the business. Business owners should consider who will control and manage the company after their death. Share transfer provisions, shareholder agreements and, in some cases, trusts can help ensure the business continues to operate smoothly.

Provision for dependants. The Law of Succession Act allows dependants to apply to court for reasonable provision if they are not adequately provided for. Taking proper advice when preparing a will helps reduce the risk of later challenges.

Keep it up to date. Marriage, the birth of children, the acquisition of new property or changes in the business are all good reasons to review your will.

Our private client team prepares wills and trusts, and guides executors and families through probate and the administration of estates with care and discretion. Contact us to begin planning.