Protect Your Loved Ones' Future by Writing a Will

In a society where divorce and blended families have become increasingly common, creating a Will is necessary to ensure the distribution of wealth is less complicated.

According to a new study by Enwealth Financial Services in collaboration with Strathmore University and the Institute of Human Resource Management, nearly 60 per cent of Kenyan adults do not have a written Will.

This is despite a majority (over 80 per cent) of Kenyans acknowledging the importance of having a Will in place.

The report further reveals that 20 per cent of Kenyans admit they make verbal declarations on their wishes while five per cent confides in one family member as their way of formalising their succession plans.

Procrastination, unwillingness to accept death and the belief that estate planning is meant for rich people only, are some of the common perceptions that best describe how most Kenyans feel about writing a Will. Other reasons include a lack of trust and fear of legal expenses.

In addition, experts have recorded serious consequences for not putting an estate plan in place. Most people acknowledge the importance of having a formal Will but do not have the wherewithal to actually get one.

A Will is a legal document that declares your intentions regarding the disposition of your assets upon death.

These intentions only take effect after you die although you are at liberty to make changes or revoke the Will at any time before death.

Indisputably, writing a Will is not the most pleasant task but planning for it has proven to be beneficial when it comes to protecting your loved ones and your assets after you have passed on.

Clearly laying out your wishes helps your beneficiaries avoid unnecessary conflict, speculation and uncertainties relating to wealth distribution. Given that we all face unique circumstances, here are some of the reasons why you should have a Will:

1. Maintaining control over property

Creating a Will enables you to maintain control over your property. You can decide who among your beneficiaries should have which assets at what percentage or value. Failure to write a Will puts all your assets under the control of the law where everything you own will be distributed in a standard way — which does not always work in the favour of your loved ones.

2. Avoiding legal disputes

Family inheritance disputes can arise over a number of reasons including long-standing family grudges or simply because there is a significant amount of money at stake.

With proper planning through a well-crafted Will that describes how and to whom property is to pass upon your demise not only helps speed up administration processes but also reduces the risk of creating disputes between your heirs over your estate.

3. Avoiding the rules of intestacy

Cap 160 Laws of Succession in Kenya describe the act of dying without a valid Will as intestacy. According to this law, if you die intestate, a probate court will serve as an administrator to your estate. This means that the court will determine how your property is distributed upon your death and your beneficiaries will be entitled only to a fixed and equal proportion of your estate.

This is obviously done without your input and often leads to long and unnecessary delays. This also increases the chances of your assets being distributed to unworthy people.

4. Appointing representatives to handle your estate affairs

Making a Will requires you to appoint executors. These are personal representatives who you put in charge of organising your estate and following the instructions you will leave in your Will after your demise.

They play an administrative role in making sure all the affairs of your estate are in order.

That may include settling debts, paying bills or cancelling your credit cards. When identifying executors, you want to be sure you appoint representatives who are honest, trustworthy, and organised

Equally, if a person dies intestate the court appoints the executors and the deceased will have no influence on the choices. The selected executors’ powers are also limited by law.

5. Full disclosure of your property

Drafting a Will is the best way to make sure you do not forget or lose any assets and liabilities that you would like your beneficiaries to receive after your death.

Undisclosed assets may be lost or determined as unclaimed assets.

Throughout the process of preparing a Will, you find yourself reviewing your financial situation. This presents an opportunity for you to create a savings or investment plan, clear debts if any and set financial goals.

Since death or disability is often unexpected, sometimes the realisation that you need to create a Will comes too late.

Therefore, engage an estate planner and financial adviser to help you draft up a basic estate plan at the very minimum to avoid the added stress that comes to your loved ones during an already emotional time.

Michelle Nyandiko is Manager, business development and consulting, Enwealth Financial Services Limited.