Valour Digest was established several years ago with the sole aim of bettering the lives of men across Africa and the world at large. You must agree that that’s an excellent and noble cause. But, to completely fulfill our purpose, at different points in time, we’ll have to discuss such difficult topics as estate planning with you.
Of course, no one wants to leave the earth before their time. Even if you don’t feel anything upon your exit, it will still be pretty devastating to those you’re leaving behind. But, at some point in time, it will happen. While it is normal if that makes you a little upset, the best line of action would be to prepare for it.
This is the reason we’ll be talking to you about estate planning and its importance.
What is Estate Planning?
According to Investopedia, “Estate planning is the preparation of tasks that serve to manage an individual’s asset base in the event of their incapacitation or death. The planning includes the bequest of assets to heirs and the settlement of estate taxes.”
While that might seem a tad complicated, it really isn’t. Estate planning essentially involves making preparations as to who receives your assets when you eventually depart from the world or if you become incapacitated. In Nigeria, many people understand it simply to mean writing your will. More often than not, it is done with the help of a lawyer.
Why is it Important?
Some people hold the philosophical belief that nothing matters after death. After all, why should you be worried about where your belongings go? Others think that there isn’t much planning to do when you can just give your money to charity. Depending on how you choose to look at it, these two, especially the latter, aren’t so bad. But we’ll tell you why you should reconsider.
Estate planning saves your beneficiaries from unnecessary stress
When you leave, your assets and belongings don’t just disappear into thin air. They’ll have to be repurposed or reassigned. If you don’t do that by yourself, you’ll leave that responsibility to the court. This can take several months of postponements and court visits. The worst part is that it might not even yield the results you would’ve wanted. The court might end up ruling in favor of that one relative who wasn’t particularly excellent in your books.
It protects your young children
Like we mentioned earlier, nobody wants to die young. However, while it is incredibly unfortunate, it still happens, and you have to plan for it. Especially if you’re the breadwinner in your family, you can’t have a scenario where your little children aren’t well taken care of in your absence. An estate plan helps you to protect your children in this regard.
It prevents family’s mess
We’ve all heard it happen at some point in time. The breadwinner of the house passes away, and the whole house melts down into a fit of who gets what and how much of it they’ll get. We’re certain that you don’t want your folks fighting over your things when you’re gone. So, prevent it from happening by ensuring your estate plan is in order.
Estate planning isn’t some walk in the park or a fun stroll through Disney Land. You’re literally preparing for the day you pass away, and that’s never easy. But it is as difficult as it is important. Thankfully, though, you’re not gone yet and you can still spend time with your family. If you want to know how to connect with them even over long distances, click here.