In line with the efforts to end inherited poverty, Center for Financial Literacy Education (CFLE) Africa has underscored the need for estate and gift planning.
Planning an estate or gift involves making arrangements to guarantee that belongings are managed according to one’s wishes after passing away.
Legal Practitioner, Kennedy Wiafe Effah Esq. at Nsiah Akuetteh & Co said it is essential that once one starts working and has a family, they make a will.
He urged that people plan their estate and if possible, make gifts of them to those they wish to have them when they passed on, stressing that the discussion must move from the thought that making a will means you are about to die or that you have to be old.
“We have observed that when people pass on a lot of their assets do not go to their children or those who depend on them because some strong family members just take advantage and bully the children and wife out of the assets.
The state has the interstate succession law but it will depend on whether your dependent will be strong enough financially to take up that step and will be bold enough to face some of these stronger family members. Plan your properties and plan for those you want them to have them, you can make changes to your will as at when you want to, but do not leave things to chance,” he said.
Executive Director of CFLE Africa Peter Kwadwo Asare Nyarko noted that by preparing an estate and gift plan, one is safeguarding more than matters of finances and inheritance, but rather guiding future, health decisions, providing for loved ones, and creating their legacy.
“Estate and gift planning is a key element of the financial planning process, surprisingly, over 80% of Ghanaians do not establish a will or trust due to a perceived lack of assets. One in three Ghanaians claim they do not have enough wealth to leave to their loved ones. However, even those without significant assets can benefit from creating a will, powers of attorney, and maybe a living trust early on.
“Estate and gift planning is an opportunity to give lasting gifts to those who you have loved during your lifetime, and those who serve in a class you would like to gift, and share your values with,” he said.
They made remarks at the maiden edition of the National Estate and Gift Planning Awareness Conference, a platform that seeks to bridge the gap between the legal community, the financial community and the general public.
Themed: ‘Estate and Gift Planning in Today’s Times; Ending Inherited Poverty for All’, it seeks to raise awareness of financial literacy education and empower individuals to be informed and to make sound decisions in personal finance management to ensure that individuals live a better life and grow wealth.
A financial consultant, Doris Ahiati argued that as individuals are empowered and begin to build wealth it will indirectly contribute to the national Gross Domestic Product (GDP).
She added that: “If we are building a financial base, then we do not have to look to international bodies to pursue loans but we could borrow domestically”.
“We want to come to that place where we are empowered through financial literacy. Knowledge is empowering; hence it is important to equip people with strategies and provide them access to professionals in the insurance, tax, financial management and banking space so people know where to go for what sort of guidance as they begin to create and build wealth,” she noted.
To address the poverty gap, and help end inherited poverty, the Center for Financial Literacy Education Africa, the Financial Awareness Foundation, and its growing strategic partners have been on a mission to significantly improve financial awareness and financial literacy education in Ghana, and across Africa.
Further, CFLE-Africa helps families pass on their values, knowledge, and assets to future generations, and charitable causes, to help make this a better world for all.
