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Komfie Manalo, Opalesque Asia:

The way in which the head of the estate provides for his or her heirs can determine the entire future of the family, said Katie Booth, managing director of private wealth consultancy firm Katie Booth Limited. "It can change the nature of how siblings treat one another," she said and added it can also "affect people's personal identity, how they value themselves and thus there is a resulting 'psychological' as well as 'financial' legacy."

"Culture is very important when it comes to freedom of testamentary disposition," Booth said at the recent Opalesque Roundtable Series - Family Office Roundtable. "It's very difficult as advisors to talk about succession planning and a multi-generational dynastic vision if you come from a jurisdiction which doesn't have that culture and that background from a legal and succession perspective."

Freedom of testamentary disposition

If the head of the estate dies without a will, then the estate enters intestate, and there are legislations that support the distribution of the estate in the event of intestacy. However, Booth explained that when it comes to proactive succession planning, the freedom to choose how and to whom your estate is left and on what terms is a great responsibility.

Culture is very important when it comes to freedom of testamentary disposition. The Bahamas is a common law jurisdiction wit......................

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