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So what a ‘family governance’ is, is a framework that provides structures and processes that family members can use to engage with each other and help steer relationships within the business and the family. So the framework provides rules of engagements clarity, which can create a more defined and harmonious relationship between family members.
So when the event of the passing of a founder actually happens, the issues at hand are more or less defined as best possible, Now, if you’ve got assets across different jurisdictions, part of your estate-planning process has to take that into account. Considering the legal framework within South Africa – which is complex in itself – having to apply an international lens to assets across the globe potentially, you have to seek expert advice in order to ensure that you navigate that properly, otherwise, you probably end up with unintended consequences and the wrong outcomes.
When you’re dealing with offshore jurisdictions, you have to be cognisant, for example, of death taxes in the relevant jurisdictions and avoid double taxation.