MAKE A WILL OR AT LEAST ACTIVELY CONTEMPLATE ONE
COVID-19 has turned the entire globe on its head and our usually busy schedules have turned into longer days and quieter nights of monotonous confinement. Psychologists suggest that with more time on your hands, you can take the season as an opportunity to refocus your attention from the external to the internal. Set your sights on long-avoided tasks, reorganize, or create something you’ve always wanted to. One such topic that you may not have considered or which you have thought about but kept in the back burner is the issue what would happen to your property, your business and your personal affairs if you were not there?
Whereas the ravages of Covid-19 and the attendant confinement bring the prospect of death closer home, the reality though is that the need to maintain some control over our personal, business and property affairs even in death, has always been a pressing need. The certainty of the event of death coupled with the uncertainty of its timing make the matter more imperative. There are many inheritance disputes pending in our courts pitting family members against each other and sometimes against the deceased’s business partners or even strangers. These cases tend to end up being long, drawn-out, legal disputes which are both emotionally and financially draining. There are also billions of shillings held by the Unclaimed Financial Assets Authority because the beneficiaries are unknown. These realities are largely attributable to lack of proper succession planning by individuals.
Writing your will affords you an opportunity of maintaining control over your property in the event of your death. A written will comes with following advantages:
- A will only takes effect after the maker dies. Your will therefore does not affect your right to deal with (including sell) your property as you wish while you are alive.
- You don’t have to disclose the contents (or indeed the existence) of your will to the beneficiaries. You can have your sealed will in the custody of an Advocate or Bank to be disclosed only in the event of your death. This allows you to continue with your life and business affairs without interruption but secure in the knowledge that the future is taken care of.
- You can have the full inventory and details of your property and business affairs which avoids your estate suffering loss on account of business partners or contacts failing to pay money due to your estate or some of your assets going to the Unclaimed Financial Assets Authority where the same could be forfeited to the state in the event your beneficiaries never become aware of its existence.
- Your will not only governs how you would want your property distributed but you also get to appoint people you can trust to administer your estate.
- You can indicate respective shares you would want to go to different beneficiaries, based on your relationship with them or their past conduct.
- There is a common misconception that a will is the preserve of the rich. You can write your will today at comparatively low cost. Your will can even cover property acquired after it was made.
How then do you get about to write your will. It a simple ABC process.
- Arrange – List down or itemize your assets and liabilities. Your inventory will help to ensure you cover everything.
- Brainstorm- Think of who you would want to be the administrators of your estate and how you would want to distribute the estate.
- Call- Get in touch with us to draft the will and handle the legal mechanics to ensure that you will meets the legally valid and cover areas of possible future disputes.
As you keep taking necessary measures to stay safe, make your will today and you can have peace of mind and rest easy knowing that you have protected those you love even as you continue working and hoping for a long and fulfilling life. Contact us and start the process of making your will today.
DISCLAIMER: This information does not, and is not intended to, constitute legal advice; this article is meant for general informational purposes only. Kindly contact us directly in relation to any particular legal issue.
