NCBA Bank has urged customers to begin succession and legacy planning early to protect wealth built over decades and ensure its continuity across generations.
According to the bank, more than 83 trillion dollars is expected to be transferred over the next two decades, with 74 trillion dollars projected to move directly between generations.
This was during the bank's Intergenerational Wealth Forum, which brought together families, entrepreneurs, wealth specialists and other stakeholders to explore the financial, legal and governance considerations shaping wealth.
According to NCBA Group Managing Director John Gachora, successful wealth transfer requires more than determining who inherits what. He urged families to consider governance, prepare the next generation and address the legal, tax and investment implications.
