Pleased to kick off our series of Private Wealth & Family Business Practice seminars.
Millie Chan, our consultant, shared that the world will be seeing a substantial shift of wealth being passed by the founding generations of family businesses to their heirs. She highlighted the benefit of having global estate planning, particularly for high net worth families which have children living and assets located in different countries. The founders being hyper focused on expanding and building the empire, may have overlooked the inevitable need for the transition of that wealth to the next generation.
As Benjamin Franklin aptly put it, “In this world nothing can be said to be certain, except death and taxes”. On this note, our partner Yee Mei Ken, experienced in high profile family feuds, highlighted the importance of having a Will prepared.
In many cases, a poorly prepared Will or the lack of a Will leads to significant delay and challenges by those thinking to be deserving of a slice of the deceased’s estate. Upon death, a deceased will no longer be able to clarify his intentions.
However, having a well prepared Will would be the testator’s firm voice from the grave, silencing any challengers and allowing the family to mourn the loss of their loved one and carry on in life, peacefully. He also shared on several practical considerations that should be taken into account in preparing a Will and the common challenges of a probate action in court.
We look forward to exploring and sharing more on the Private Wealth & Family Business Practice. So, do join us in our next session of this series of seminars.
“Whatever can happen at any time can happen today.”― Seneca, On the Shortness of Life.
Do not put off sorting out your estate and leave it to chance.