Kenyan billionaires are keen to avert fights over their billion-shilling empires in death due to worries about succession and the threat to family businesses, according to the 2022 Knight Frank Wealth Report.
These tycoons understand that poorly managed successions can lead to rapid wealth depletion and are aware of frequent disputes in Kenya.
Among the measures wealthy and prominent Kenyans have resorted to include writing their wishes when they are healthy and can make sound decisions, and restricting the number of beneficiaries to close-knit families to potentially limit conflict.
It is observed that the heirs of wealthy and eminent persons such as politicians, businessmen, and top civil servants are known for court battles following the death of patriarchs and matriarchs.
However, successful cases in court involving prominent persons show that feuds are also fueled by “outsiders” and children born out of wedlock claiming a stake in the estates.
The report highlights the importance of having a well-structured Will that meets all requirements of the Law of Succession Act to save families from court battles. However, even having a Will is not a guarantee that the surviving members of the family will divide the assets based on the final wishes of the owner.
