We spend most of our days unknowingly planning our estates. The decisions we make from where we choose to work, whether to pursue that business and where to put our hard earned earnings.
All these are really estate planning and management decisions that are meant to grow our estate while securing the future of our loved ones. But few actually create a robust estate plan. From our numerous surveys, Ugandans who don’t have wills thought that they did not have enough assets to warrant writing a will and others said they had not considered dying. A good estate plan is one of the best gifts that you can give your family and it does not have to be complicated.
Here is why you need to create a will and sound estate plan.
- If you don’t have a plan, the state will decide who will receive your property
- Having a will in place will help you ensure you appoint guardians to raise your minor children in case you are gone.
- Without a will, you will not be able to distribute your property the way you intended. For example, your spouse might not get the property you intended to provide, a charity cause you care so deeply about will not get anything and you will not be able to give anything to people who might not be your relatives.
- An estate plan will help you preserve your assets for your children and great grandchildren. By providing for a trust, your estate plan will help them from wasting those assets for generations to come
- A good estate plan can help you save money on taxes and legal fees.
Disclaimer: This blog post is for informational purposes only and does not constitute financial or legal advice. Always consult with a qualified professional for personalized guidance.
