Families, like countries, should have a constitution, says Halsbury Chambers associate Mikia Cooper.

If it sounds cold-hearted, Cooper believes a constitution or financial framework is a practical and powerful planning tool that sets out a family’s expectations and helps to avert conflict or even litigation, particularly in cases where various interests vie for assets of an estate.

Fresh from an international conference on private wealth, Ms. Cooper who specializes in family law, estate planning and litigation, said the better the family’s plan for trusteeship or wealth management and estate planning, the less likely they are to call on her – or any other attorney – for litigation skills.

“When there is a death in the family a family member of the deceased, a beneficiary or other interested party often finds there is a conflict that cannot be easily resolved and feeling no other way out, they turn to litigation,” said Ms. Cooper. “Often that conflict can be avoided by prudent planning that not only sets out the wishes of the family member but creates a framework for fiduciary responsibilities and expectations.”

The idea of a family constitution was one of several concepts discussed at the 1st Annual Private Wealth Latin America and The Caribbean Forum held in Miami in late October. Ms. Cooper was among a Bahamian contingent that included the Minister of Financial Services Ryan Pinder and CEO of the Bahamas Financial Services Board Aliya Allen.

“A family constitution is the equivalent of having a legal agreement for family governance,” said the attorney.

“This is not a luxury, it is simply practical advice. In the case of a death, where the deceased has placed utmost trust in the trustee or personal representative to manage and protect property or other assets, it eases the burden of the trustee or attorney to play referee instead of asset manager. The less involved the beneficiaries are, the easier it will be to ensure the best long-term results for the estate.”

It is also important, she noted, to ensure that any client have a clear understanding of what is involved and it is critical to establish a solid relationship with the spouse to understand what his or her expectations are.

More than 80 speakers at the Miami forum presented information and promoted jurisdictions, but Ms. Cooper said The Bahamas was impressive and widely regarded as being home to one of the best developed financial services sectors in the world with some 6,000 professionals in the relevant industries of banking, law, accounting, insurance vehicles, securities, asset and wealth management. Participation in offshore or international workshops and conferences is part of the Halsbury Chambers corporate culture and commitment.

“Clients benefit from the dedication to a combination of basic tradition and immediate response to evolving law and jurisprudence.”

It was nearly a decade ago that Halsbury Chambers became the first law firm in The Bahamas to be appointed to the International Lawyers Network. Headquartered on Village Road, the firm is well-known for introducing its now highly anticipated annual free legal clinics.

BOOSTING THE BAHAMAS -- Estate planning specialist Mikia Cooper, Halsbury Chambers associate, attended the 1st Annual Private Wealth Latin America and the Caribbean Forum in Miami recently, helping to boost the profile of The Bahamas. Minister of Financial Services Ryan Pinder was among the speakers, touting this country’s competence in handling the most complex of wealth, asset management and investment matters with more than 6,000 professionals in the banking and finance and one of the world’s best developed financial services industries.