All the Things Unsaid

There was once a family that lived in a semi-permanent house on a 5-acre plot of land, with bricks, sand and bags of cement scattered all-around. They had been living there for over a decade, and the whole community was under the assumption that they were the rightful owners. As it turns out, the “man-of-the-house”  was hired by the rightful property-owner as a caretaker. He was tasked with looking after the site and safeguarding the building materials, while the owner slowly finished construction on what would have been his retirement home. Sadly, the owner died. No inquiries were made regarding the property, no follow-ups, and no heirs made themselves known. Since there was none the wiser, the caretaker and his family properly settled in and made themselves right at home.

Stories like this highlight how easy it can be for unclaimed and undocumented property and assets to slip through the cracks. It is very important that you keep a secure record of your entire estate, including: all your bank accounts, land, investments, and other valuable property or assets. Also, ensure that signed copies of this information are maintained by your lawyer and/or a trusted executor, individuals tasked with managing, protecting and allocating your estate in the event of your death.

Recently, the body of the late Prince Paul Kafeero – a celebrated Ugandan musician, was exhumed for DNA sampling to settle matters of inheritance. This action was driven by court orders to determine the paternity of over 20 individuals claiming to be his children. The late singer who died in 2007, did not leave a will; sparking a bitter family feud over his estate that has lasted nearly two decades.

Formalise your estate planning, engage the services of a qualified lawyer to help you draft your will or establish a trust. While a will only sets out how your assets are to be assigned after death, a trust places these assets under the control of a trustee (a third party) that manages them on behalf of your named beneficiaries, according to your wishes – whether you’re still living or after you pass on. Many well-to-do families use trusts in order to preserve their wealth, simplify matters of succession, and potentially reduce certain fees and administrative costs involved in managing their vast estates. However, estate planning isn’t just about what happens after death, it is also about ensuring that your wishes are respected, if you’re unable to make major life decisions for yourself.

A 76-year-old woman’s family was nearly torn apart, because they couldn’t decide whether to go through with a risky life-saving operation she needed. To protect the anonymity of all involved, I won’t name names or give specifics, but suffice it say, the proposed procedure was an expensive one, and some people were of the mind to let nature to take its course. The lady in-question had more than enough money to cover the cost of the operation, but she was out-of-action, and unable to make the decision for herself. Lucky for her, they went ahead with the operation, and she’s still with us. But this entire situation really puts things in perspective. Do you have someone ready to advocate for you, and make life decisions on your behalf if you’re ever incapacitated?

You should consider setting up a living will. This document is a health-care directive that allows you to nominate and empower someone you trust to make medical decisions on your behalf. In this case, it would be within your best interests to inform this person in advance. Also, make sure to share your preferences and expectations with them, so that you can be confident that that they will advocate for what you want, if or when you’re unable.

Estate planning is one of the greatest gifts you can give your loved ones. By preparing a will, creating a trust, and making your medical wishes known, you reduce uncertainty, prevent unnecessary family wrangles, and state your peace while giving peace of mind to the loved ones you’re leaving behind. So, talk to a lawyer today, and get your affairs in order.


Are you going to start planning your estate? Sound off in the comments, or DM me – @KagoTMD on TikTok, Instagram and LinkedIn. I really want to know.

If you're interested in watching full video essays of this and other topics I've discussed here, visit and subscribe to my YouTube channel.

Let's build your future, together.

Image courtesy of FreePik

Comments

Post a Comment

Popular posts from this blog

You Can’t Always Get You Want

Image
Back when my son was in nursery school, although money was tight, we could afford the basics. One time, while at the neighbourhood supermarket buying milk, soap and flour, my son helpfully put a bright red Steve McQueen sports car into the shopping trolley. Channelling the aura of my mother and countless parents before me, I told him to put it back. To which he replied, “Call Uncle (our bodaboda guy) to give us a ride to town so he can pay you.” Stunned, I burst out laughing. My son was under the impression that the bodaboda guy was paying me for the “honour of transporting us”, whenever he handed me change at the end of our trips. When I could breathe again, I explained that I was the one paying the boda guy for his services and that he was in the business of providing people with convenient transportation. This entire scene could easily have escalated into a full-blown tantrum at the supermarket, but luckily, it did not. Yes, there was some sulking and feet dragging on his part...
Read more

Why Is Jjaja Still Working?

Image
Tukooye (We’re tired)! Many of us are exhausted and longing for the day we can finally stop working at jobs that pay us enough to make ends meet. Given the choice, we probably wouldn't show up to work on those stormy Monday mornings. Sometimes it’s the work itself, other times, it’s management, our co-workers, or the environment. Sadly, a lot of us, don’t have the luxury of chasing our dreams because, “What if our dreams don’t pay?” I read about an 85-year-old woman in the U.S. who was job hunting because her pension couldn’t cover her basic needs. She had taken out a second mortgage on her home, was struggling to afford food and heating, and yet she was the sole provider for her grandchildren. She was even paying for the granddaughter’s speeding tickets. Furious on her behalf as an as an African mama, I wanted to kidnap this Jjaja (grandparent), adopt her and give her some well-deserved rest. If her grandchildren are old enough to drive, surely, they can take care of themselve...
Read more

Men, Money and Mental Health

Image
When money’s tight, borrowing feels like the only solution available, especially if the situation is dire. Mobile money loans alerts, those money lender flyers, and even the banks entice you to get a quick easy loan to keep you afloat. Hopeful that all will be well and fortune will favour you, or that the clouds will part and manna fall from heaven, you’re optimistic that the money will come, and you’ll be able to clear your debt but, this isn’t always possible. You’re going about your day, when a friend calls insisting on meeting you in-person with some big news. Since she isn’t usually prone to hysterics, you’re curious and even a little anxious. She arrives holding a newspaper, and immediately brings your attention to a particular section. Under the listings of assets for sale, is your house. This is what happened to a friend of mine. Her husband took out a loan against their home, but failed to repay it in time because his investments had fallen through. Ashamed, defeated...
Read more