It is often said that family companies do not survive three generations. One of the principal reasons that they decline is the death of the founder. The next generation may not have the same sentiments towards the business, heirs may or may not wish to be actively involved in the business, family rivalries may surface, heirs may differ about the direction that the business should take etc. There are a variety of vehicles (companies, trusts, foundations, deeds of family arrangement) which may be used to hold the ownership of family business and which can be structured to facilitate succession planning.

Clients frequently own assets in a variety of jurisdictions and central ownership and management of these can facilitate succession planning and mitigate the professional costs and inheritance taxes that may arise on the death of the owner. Forced heirship provisions may be avoided and adherence to Sharia’a principles may be achieved.