Estate Planning in Kenya
Estate planning is how you protect your wealth. During your lifetime, in case you become incapacitated, or upon death. We know that almost everyone has assets to preserve. Everyone can pass on those assets to their loved ones and the charitable causes they believe in. For example, the estate plan may have details on land. House. Cash. Stocks. Bank savings, SACCO’s benefits, insurance benefits, company shares, retirement benefits, etc.
How can I do estate planning in Kenya? Estate planning involves various means, including:
- Wills,
- Trusts,
- Power of attorney,
- Gifts,
- Beneficiary designations,
- Nominations,
- Joint land ownership,
- Joint bank account ownership.
The preferred estate plan contains:
- Who gets your wealth when you die,
- Who should handle your wishes,
- Who will handle your affairs if you become incapacitated?
With the help of a lawyer, you can select the appropriate choice of an estate plan. You may want to bequeath some assets to your heirs. You also have a smooth transition for your dependents and beneficiaries. Beneficiaries may include; surviving spouses, and children. Relatives, business partners, friends, charities or social causes. And even non-related people.
It is important to remember that investing in your business and your dream is a strong message to the world. That you are always prepared even in death. You don’t want your loved ones to fight over the management and distribution of your estate. A good estate plan will help you to account for all the assets you have bought in your lifetime. Also, how do you want your family to get their inheritance?
Estate Planning is like setting values, vision and goals for your future and your loved ones. And updating the estate plan when needed. And clear instructions about all your wealth. It is a process rather than a transaction or a one-time event.
You may ask yourself, what happens if you die without an estate plan in Kenya? In those circumstances, you open a can of worms. You lose control. You lose the opportunity to save your loved ones from corrupt people who will change your plans in your absence. But you always have a choice.
With a good estate plan, paying the lowest tax and saving some for your loved ones is possible. You can prevent or reduce disputes between business partners and your loved ones. Beneficiaries and dependents of the estate will also choose their preferred estate administrator. They also determine the shares to distribute to each beneficiary.
You may also ask two more questions. When do I set up an estate plan? When do I update my estate plan? I would say, right now, if you don’t have an estate plan. And update it immediately if there are changes to your earlier estate plan. Immediately you have something new to preserve for your family. Lover. Neighbour. Charity. Business partner or friends. New business. When you get married. Divorced. New children. New grandchildren.
We understand the truth about human existence at Kubwa & Co. Advocates. We guide you to plan for the day and the hour by bringing convenience and experience.
How much does estate planning cost in Kenya?
Contact us today for a quote about your choice of the appropriate estate planning, and our Estates Planning lawyer will get back to you. Or, you can call Kubwa & Co Advocates directly at +254728607818 or WhatsApp: +254728607818 or email info@kubwaadvocates.com
This Legal Tip of The Day is for general information only; the opinions and arguments here are of the author and do not reflect the official views of Kubwa & Company Advocates. Be sure to seek specific legal advice on the subject matter. If you have any questions on the same, please do not hesitate to contact kubwa@kubwaadvocates.com
Yuvenalis Kubwa is an advocate of the High Court of Kenya and a member of the Law Society of Kenya.
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very insightful information on the need to safeguard the future when we are gone. i will visit your office to discuss further
Hi James, we are happy that the information was helpful to you. Looking forward to meeting with you. Welcome.
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