Trusts Archives – CEO East Africa

SUCCESSION PLANNING IN FAMILY-OWNED BUSINESSES: A Legal Expert View On Effective Estate Planning

Sim KatendeNews & Analysis Thought LeadershipApril 1, 2024April 1, 2024

First of all, what is estate planning? Estate planning encompasses determining how your assets Will be preserved, managed, and distributed after your death or if you become incapacitated. Every family business needs to undertake succession and estate planning to ensure their businesses Will survive from one generation to the next. What Does Estate Planning Involve? In East Africa estate planning is most often done through making Wills and /or setting up a Trust(s). A Will is a written legal document detailing, amongst others, a testator’s wishes of what should happen after his/her death, listing the assets they own, and how they…

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Start estate planning now or risk losing legacy and or the business altogether⏤ experts advise family-owned businesses

Muhereza KyamuteteraNews & Analysis The Big StoryApril 1, 2024April 1, 2024

To ensure business stability and continuity in the event of the death of the founder as well as preserve intergenerational wealth, business owners/founders have been urged to prioritise estate planning. Estate planning, according to Sim Katende, Corporate & Commercial lawyer and Partner at Katende, Ssempebwa & Co. Advocates, Solicitors & Legal Consultants (KATs), “encompasses determining how your assets will be preserved, managed, and distributed after your death or if you become incapacitated”. “Every family business needs to undertake succession and estate planning to ensure their businesses Will survive from one generation to the next,” Sim Katende told stakeholders at a…

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