A legal practitioner at Nsiah Akuetteh & Co. has advised all persons aged 18 and above to consider establishing a will, regardless of the size of their assets.
Contributing to panel discussions at the first National Estate and Gift Planning Conference on October 14, Kennedy Wiafe Effah, Esq., advised that it is important for all such qualifying individuals to understand the relevant procedures in drafting a will from a legal point of view.
He explained that every standard will necessarily include the testator’s spouse, parents, and children as beneficiaries, adding that there must be justified and documented reasons for any planned intention to remove their names.
According to him, it’s the reasoning of the law that these brackets of persons would have had direct relationships with the individual owner to benefit from their estate.
“There are some people you cannot take out of your will: your spouse, your children, and your parents if they are alive. If it’s important that you do so, then you must provide a reason in the will”, Mr. Effah stated.
Mr. Effah asserted that although the Intestate Succession Law 1985 (PNDC Law 111) provides some advantages for the immediate family of the owner in the distribution of his estate, it is critical for the person preparing a will to provide clear instructions and guidelines on the allocation of their assets to avoid any surprises and confusion when they are no more.
He also urged the closing of the gap between some legal principles and cultural norms and traditions, given the powerful role culture plays in Ghanaian society.
“We have a very strong cultural base, and we are making state laws to superimpose on this cultural base without much education. We are still struggling with spousal property distribution because the culture is this way and the national law is that way,” he argued.
Accordingly, he called for intensive education among the public up to the National House of Chiefs for an appreciation of the new changes national laws are making to the existing culture.
For her part, a lawyer at the Attorney-General’s Department, Adjoa Mensima Crentsil, Esq., advised property owners to explore other legal arrangements for giving authority to other persons to act on their behalf in cases where they are unable to due to health or other reasons.
She mentioned powers of attorney, trusts, and limited wills as some examples of estate planning tools for owners of assets while they are still alive.
The National Estate and Gift Planning Conference formed part of activities marking Estate and Gift Planning Month, which is celebrated in October.
It was organized by the Center for Financial Literacy Education Africa under the auspices of the Financial Awareness Foundation (TFAF) and other corporate partners.
