Have you planned your estate? Do you know about wills and trusts as estate planning tools? For most people, the answer to this is in the negative. We explore below some of the reasons most people are yet to plan their estate.
- Afraid of talking about death (Do not like to discuss about death)
Our African culture does not easily embrace this discussion despite death being inevitable.
Estate planning gives you a choice to plan for what and who matters in advance without leaving the same at the mercy of the law.
- Estate plans are for the rich
Contrary to popular notion, estate planning is not reserved for the rich. You do not need to wait until you have grown your wealth to a particular threshold or value for you to plan.
Estate plans like wills can always be updated should the status and assets change.
- Unsure why estate planning is important
A majority of the population is unaware of the benefits of estate planning and how easily this can secure their assets and the future of their loved ones when they are deceased.
Tax benefits, avoiding lengthy court battles, provision for underage minors, charitable contributions and advance medical directive are some of the reasons why estate planning is important.
Contact a qualified legal adviser to discuss more of these benefits.
- Estate Planning is expensive
While it is true there are costs involved, planning your finances and working with a legal adviser who communicates such costs in advance and offers flexible payment plans will ensure that your money concerns are addressed. The costs will vary depending on the simplicity or the complexity of the structure to be adopted.
Please do not hesitate to contact us on info@cfllegal.com for further information.
