INSIGHTS

FAMILY TRUST & SUCCESSION PLANNING

Legal Alert - 9 Family Trust & Succession Planning

A Trust is essentially a legal relationship that exists between a Settlor (creator of the trust), a Trustee (a protector of the trust) and a Beneficiary. These parties can either be individuals or legal entities. Under a Trust arrangement, the Settlor transfers legal ownership of assets to the Trustee, to hold for the benefit of the Beneficiaries.

Family trusts are legally recognized in Kenya as of 2021, following the signing of the Trustees (Perpetual Succession) (Amendment) Act ("the Amendment Act") into law on December 7th of the same year and can be registered/incorporated by any person(s), jointly or individually, for the purpose of personal estate planning or management. 

 

Linda Kamuya

Yvonne Kabura

_Legal Alet 9. Family Trust & Succession Planning.pdf