A Family Trust As A Tool For Protection Of Family Wealth

Introduction

You have worked hard to acquire valuable assets or you have established your family business which has grown to be a successful enterprise. You are wondering how can you protect your wealth and eventually pass it down to future generations. This is where estate planning comes in. Estate planning is the process by which an individual or family arranges the transfer of their estate in anticipation of death. Your estate is comprised of everything that you own; this includes movable, and immovable assets, as well as tangible and intangible assets. Regardless to its size or quantum, everyone has an estate that would require to be administered upon death. An estate plan is important because it: -

• enables you elect your heirs or beneficiaries (that is, those who will inherit what from your estate;
• gives you the ability to name your children’s guardian in the event of your premature death;
• enable you protect your estate from creditors;
• enable you reduce taxes on your estate; and
• minimizes the chances of family strife and ugly legal battles.

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How can we help?

The Wealth and Private Clients team at CM Advocates LLP prides itself in having a wide variety of resources, skills and experience on matters estate planning spanning, trust management and trust administration spanning across the East African Region. It offers an edge to its clients based on its legacy of having structured, re-structured, amended, incorporated several forms of trusts and therefore well capable of guiding you through the process of creating a valid blind trust. Should you have any questions regarding the subject of establishing a blind trust or a family trust, or related topic, please do not hesitate to contact  us on law@cmadvocates.com or dgichuru@cmadvocates.com

Disclaimer

This alert is for informational purposes only and should not be construed as legal advice.