Happy Estate and Gift Planning Awareness Month, October 2023

October 1, 2023 / Peter Asare Nyarko / 0 Comments

Happy Estate and Gift Planning Awareness Month, October 2023

Estate and Gift Planning in Today’s Times; Ending Inherited Poverty for All

October is indeed Estate & Gift Planning Awareness Month. It is the month that we underscore the importance and the impact of completing an estate and gift plan.

Many organizations spend each day of each week in the month extolling the value of making a plan that will propel the next and the next generation to greater financial strength and economic empowerment.

For many of us, the last quarter of every year represents an opportunity to spend more time with our families and loved ones. It’s a truly wonderful time of year.
October, rather fittingly, is also recognized in the financial and legal community as Estate & Gift Planning Awareness Month and it’s a perfect chance to reflect on the importance of advancing your legacy while providing for your loved ones through estate and gift planning.

A large number of adult populations in Ghana, including immediate family members, friends and colleagues do NOT have nor realize the importance of having a current or up-to-date estate and gift plan to protect themselves, their family and their assets. Estate and gift planning is a financial process that can protect all citizens and their family members and is an important component of the overall financial planning journey.

Marked Increase in Estate & Gift Planning Since 2021
The Center for Financial Literacy Education Africa estimates that over half of Ghanaian adults don’t have an up-to-date estate plan. The domino effect of COVID-19, inflation and general economic uncertainties has significantly hindered many households’ financial flexibility, spurring an increased (and completely reasonable) focus on short-term savings.
It’s important, however, to keep long-term estate and gift planning as part of your overall financial picture during times of economic strain. Focusing too narrowly in the short term can have costly consequences in the long term. Are you touching all the bases?

Over 80% of Ghanaians often don’t establish a will or trust due to a perceived lack of assets, and 1 in 3 Ghanaians claim they don’t have enough wealth to leave their loved ones. However, even those without significant real estate assets, or other investment portfolios can benefit from creating a will, powers of attorney, and maybe a living trust early on. If you get sick, who will make financial decisions for you? Who will make health care decisions for you?

This wider understanding of the importance of financial, estate and gift planning has made its way into the minds of many young Ghanaians since The Movement commenced in 2021. Post-pandemic, there has been a marked increase in Ghanaians aged 18-34 looking ahead by preparing and organizing their financial, estate and gift plan documents. These people are great prospects for the legal community as well as the financial and banking sector and acknowledge the importance of being financially aware and financial literate.

Now is the perfect time to put your estate planning house in order.
In a case where there is no up-to-date estate and gift plan and someone happen to get hurt or sick and cannot manage his or her health or financial affairs, a spouse or children or close relative will manage them. The person taking over this role may not be the preferred candidate to perform those tasks according to the owner.
“Without an estate and gift plan, when you pass away, your affairs will be passed on to parents or spouse or children or close relatives.”
The handling of financial affairs can turn into a costly and frustrating ordeal for family members and heirs. It sometimes becomes challenging for assets to pass to the rightful heirs until legal route is undertaken. When children are young, relatives sometimes easily benefit from the assets eroding them so fast that children fail to get the right and correct education. When elderly, those close to them easily utilize assets for their own benefits leaving them so poor that they cannot afford to live a decent life. Majority of family fights emanate from estate planning issues of the deceased assets which were not distributed properly in the absence of a legitimate WILL.

We have an opportunity to change lives if we plan. Do not let another October pass by without making the commitment to build a legacy for the future. Do not allow a governmental formula to determine who will be the recipient of your precious possessions. Be assured that you can make a better decision for the people you love. Invest in your loved ones with your vision for the greater legacy. We will be glad to stand with you on this journey.

Estate & Gift Planning and The Next Steps for the Financial and Legal Community

Promoting Legacy Planning during Estate & Gift Planning Awareness Month is a great way to develop deeper relationships with your clients and enhance your value to them. It is a valuable community service and a very powerful practice development tool.

To learn more about how you can help solve a Major Epidemic, while you take your practice to new heights, the Center for Financial Literacy Education Africa and its strategic partners are willing to work with you during the month-long campaign activities.

Educating your clients about taking inventory of tangible and intangible belongings, encouraging them to review beneficiaries regularly, and discussing probate laws in accordance with relevant state laws are all part and parcel of Estate Planning awareness. At the Center for Financial Literacy Education Africa, we know that estate and gift planning is critical to overall financial health, aiding in goal setting while minimizing financial risk to your client’s loved ones.

A Call to Action

We invite you to the National Estate and Gift Planning Awareness Conference 2023 at the Chartered Institute of Bankers Ghana Auditorium, East Legon.

By preparing an estate plan this October, you are safeguarding more than matters of finances and inheritance, you are guiding future health decisions, providing for loved ones, and creating your legacy.

A few simple steps today will give you peace of mind tomorrow by ensuring you and your loved ones are well-protected. Your estate plan can also be used to support charitable causes that matter most to you, such as the quality programs and educational services offered to our communities.