Seriously, no one wants to think about death. We really do not have to but death is planning for us and we all know that.
In my experience it seems the older some people, especially wealthy men, get the more they believe in their invincibility. You better believe that even those who are in their seventies and above feel that there is still time to sort out their matters before death comes.
Well, I have bad news and have good news. Let’s take the bad first. You are not invincible and you will die one day. No one knows the date of his death. Men as well as women will die and we won’t take our estate with us, neither will we have the ability to control it remotely.
Of a truth some of us will die young, maybe before our thirtieth birthday while some of our friends will celebrate their ninetieth birthday. The truth is that the older we get the more we are likely to need care and the larger our medical bills become.
When that happens, even those who have a will need to spend some of their bequests to look after themselves before it is time to go. It then makes their will askew, especially if there is one beneficiary whose bequests have dwindled on account of the old age and care of the parent.
The good news on the other hand, is that in planning for old age and for death, you may not need to make a will.
A will speaks from a person’s death whereas planning of one’s estate speaks from the day he decides to plan what will happen to him in the event of illness and what will happen to his beneficiaries, while he is alive and after his death.
Estate Planning- means making a plan in advance and naming who will receive whatever you own after you die…..but it is more than that.
- Estate planning involves looking after yourself from your estate in old age or in the event of young age incapacitation.
- Estate planning is for everyone, not only old people.
- Estate planning is not only for rich people but those who are concerned about the way they want to manage their assets.
- Estate planning involves the avoidance of death taxation though the creation of trusts.
- Estate Planning stops the Probate office or the Office of Administrator-General and Public Trustee from attaching your estate, so government will not have a hand in your affairs when you are no longer around.
- Estate planning will let you collate all your assets, properties, insurances etc in one place so your children do not have to search for your assets worldwide.
- Estate planning gives you peace of mind here and hereafter
By the time the unknown day comes, your family will understand why you did not need to make a will. It is time to plan your estate.
If you want to know more send me an email at sisi@sisilawyer.com.ng
Sisi lawyer desires to make ease of your legal issues Sign up for our newsletter at Sisi Law Monthly
