On Friday 15th, Enjovu Family Business, in collaboration with I&M Bank Uganda, hosted another edition of the Enjovu Family Business Breakfast series at Four Points by Sheraton Hotel, in Kampala.
The business breakfast, which was attended by family business leaders, advisors, and stakeholders, was centered on estate planning and inheritance.
The discussions focused on best practices in estate and business planning, and how to build flexible estate plans that evolve over time.
In his remarks, Sam Ntulume, the I&M Bank Executive Director and Chief Operations Officer, noted that business leaders should be prepared for uncertain times, including death. This, he said, can be achieved by having plans in place that safeguard their dependants.
“In Uganda, businesses hardly celebrate their fifth anniversary. This is majorly because there are no plans in place to ensure continuity after the founders pass on. It’s important to keep our businesses alive by thinking beyond today and planning for the future,” Ntulume said, adding that I&M Bank, which started as a family business, now manages many trusts, keeps important business documents safe, and helps businesses access flexible loans easily.
He added that I&M Burbidge Capital, I&M Bank’s wealth management sister company, is now licensed to operate in Uganda, offering investment solutions, tax advisory and financial guidance, that will help Ugandans protect and grow their wealth.
Csl. Frank Ssewaggude, a Principal Associate from Katende, Ssempembwa Advocates (KATS), under the Litigation and Alternative Dispute Resolution (ADR) practice, advised business leaders to be intentional about wills and estate planning, saying these decisions should not be left to chance.
“Clearly indicate how you want your assets divided. This will ensure your dream lives on and everything continues as you would have wanted,” Csl. Ssewaggude said.
Hajjat Hasfah Namulindwa, a Principal Associate from KATS’ Family Law and Estates, Litigation and Alternative Dispute Resolution (ADR), Real Estate, and Company Secretarial practice areas, re-echoed the same sentiments, adding that, among other things, wills protect beneficiaries from property wrangles.
Robert Bogere Ali, the Assistant Administrator General under the Ministry of Justice and Constitutional Affairs, explained how a deceased person’s estate should be divided among heirs, including spouses, children, and dependents. He also emphasized stricter requirements for making valid wills, and highlighted legal protections to prevent the wrongful eviction of rightful occupants, such as widows and children, from their homes.
“Identify your next of kin properly, whether you’re married or not. Identify your heir early enough. It’s better to choose people who are biologically related to you, irrespective of gender,” he added.
Annette Nakiyaga, the I&M Bank Head of Marketing and Corporate Communications, noted that, as a bank, they are extremely proud in the continued partnership with Enjovu Family Business.
“Enjovu Family Business is a key initiative that supports the growth and sustainability of family-owned enterprises in Uganda and beyond. Most globally recognized businesses started as family businesses, some are even more than a century old, having successfully transitioned leadership across multiple generations,” she said.
The Enjovu Family Business Breakfast provided actionable frameworks, legal know-how, and community connections to support family businesses in estate planning, especially with regard to inheritance. It addressed the unique risks, opportunities, and dynamics involved in generational wealth transition.
