The COVID-19 pandemic has completely changed our lives. In Uganda, we have had two lock downs which have greatly affected how we do business and how we socialize. These are unprecedented times. The “new normal” is now part of our lives. Families, communities, and businesses are grappling with unexpected losses.
The second wave of the pandemic in Uganda exposed the weaknesses in our health care system with shortage of hospital beds and patients paying 5m per day to get medical treatment. All of us have been exposed to the effects of COVID-19 either through the loss of a family member, workmate, friend, or acquaintance.
According to a survey by PwC East Africa, only 26% of Ugandan respondents said they have a robust succession plan and less than 20% have a testament or will. The pandemic has shown us that life as we know it can change in the blink of an eye and that now is the time to address any risks and concerns that we might have about the future.
As you put together your estate plan, these are some of the things that you should consider:
- Review all documents including wills, title deeds, etc to ensure that they are updated and available/accessible to ensure that your wishes are executed in case you pass on. Any changes in your circumstances should be reflected in your document.
- Those who play an important role in your estate plan should know. These may include: executors, trustees, guardians, agents appointed under your power of attorney and under health care power of attorney, etc
- Beneficiary designations should be reviewed and updated based on change in circumstances.
If you already have an estate plan in place, these are some of the circumstances under which you might need to review your plan
- Changes in marital status for example through divorce, death of a partner, etc
- Your children: Perhaps you have had more children, or they have finished their education
- You have bought or sold major assets for example a business, car, home
- Your financial status has significantly changed e.g you won the lottery and have significantly more assets
If you don’t have an estate plan, preparing a will can be the first step to giving you peace of mind and giving you assurance about the risks and concerns that are now with us in the covid-19 era. At Greenthos Capital, we ensure that you have an estate plan so that your wishes are expressed, and your family and legacy is protected.
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.
