What succession planning actually involves
Succession planning is often reduced in conversation to "writing a will". A will is central, but it is one component. A plan also considers how assets are held, who depends on you financially, what obligations attach to your property, and who is capable of administering your affairs.
The practical objective is that the people you intend to benefit can receive what you intended, without an avoidable dispute or a lengthy administration process.
Why early planning matters
- Where no valid will exists, distribution is determined by the rules applicable to intestate succession rather than by your intentions.
- Estates without documentation often take considerably longer to administer.
- Delay can leave dependants without access to funds at the moment they most need them.
- Unclear arrangements are one of the most common causes of family disputes over property.
- Business interests may lose value quickly where ownership and control are unresolved.
Common mistakes
- Assuming that succession planning is only for the wealthy or the elderly.
- Preparing a will and never revisiting it after marriage, children, acquisition of property or the sale of a business.
- Leaving property documents incomplete, unregistered or held in the name of a person who has since died.
- Failing to tell anyone where the will is kept.
- Planning personal succession without addressing shareholding in a family business.
Practical considerations for Kenyan families
Land is frequently the largest asset in a Kenyan family estate, and it is also the asset most likely to generate a dispute where documentation is incomplete. Confirming that title documents are accurate and up to date is often the single most valuable step a family can take.
Where dependants have particular needs, or where a family includes children from more than one relationship, the plan should address those circumstances expressly rather than leaving them to be worked out later.
What to do next
- List your assets, interests and obligations, including land, accounts, shareholdings and liabilities.
- Identify your dependants and anyone with a potential claim.
- Decide who should administer the estate.
- Obtain advice on a will and, where appropriate, other structures.
- Review the arrangement when your circumstances change.