The Center for Financial Literacy Education Africa has held its first-ever National Estate and Gift Planning Conference with a call on all the public to put an end to inherited poverty.
Addressing participants on the theme “Estate and Gift Planning in Today’s Times: Ending Inherited Poverty for All”, Executive Director of CFLE Africa, Peter Kwadwo Asare Nyarko, underscored the need for young and older people alike to prioritize effective planning of estates or wealth in order to secure their legacies and those of future generations.
He bemoaned the current state, where individuals and families do not plan their wealth and develop a plan to bequeath it due to their apparent insufficient assets.
“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. 1 in 3 Ghanaians claim they don’t 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,” Peter Nyarko said.
He explained the dire consequences of not establishing a will, a trust, or powers of attorney, including the absence of a person’s ability to make financial and health decisions on their behalf when they are sick or incapacitated, the distribution of properties in the event of death, and the responsibility for the care of children.
“Estate and gift planning is an opportunity to give lasting gifts to those you have loved during your lifetime and to those who serve in a class you would like to gift and share your values with.”
Outlining some initiatives of CFLE Africa, Peter expressed the commitment of the Center, in partnership with the Financial Awareness Foundation, professional bodies, civil society, and the media, to adding value to the financial lives of individuals, households, and society through financial literacy campaigns and comprehensive financial planning and coaching sessions.
He also reiterated the designation of April as “Financial Literacy Month” and October as “Estate and Gift Planning Awareness Month”.
Various speakers, including Doris Ahiati, Lead Consultant at Crescendo Consults; Kennedy Wiafe Effah, Esq., Legal Practitioner at Nsiah Akuetteh & Co; Adjoa Mensima Crentsil, Legal Practitioner at the Attorney General’s Office; Issaka Ibrahim, General Manager at Metropolitan Pensions Trust; and Mimi Anane-Appiah, a Financial Advisor at Axis Pensions Trust, took turns engaging participants on how they can build their assets and pass them to their beneficiaries.
The conference took place in Accra on Saturday, October 14, 2023, with partnerships from the Chartered Institute of Bankers, the Ghana Bar Association, the Financial Awareness Foundation, GhanaThink, and the media.
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