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Securing Your Legacy: How to protect your Assets in the event of your Unexpected Demise
The concept of death is a topic that many are uncomfortable discussing and prefer to avoid, yet it is an inevitable part of one’s life. Although one cannot contemplate the mortality of a person, to plan for the unexpected is crucial, especially when it comes to your assets.
Without proper preparation, the fate of one’s assets could be subject to uncertainty and could result in potential disputes among loved ones. This has accumulated to the extend where several ancestral properties and legacies were lost due to lack of proper planning of asset distribution. The data reports shows that about 70% of wealth is lost when transferred from the wealth creating generation to the next and about 90% is lost by the time it reaches the third generation.
The heir of a person’s assets and property are determined either through the succession laws of the land and customs, which deals with the legal principle governing the disposition of deceased person’s assets or by way of Will or through any other form of testamentary disposition. Failure to do proper succession planning results in the assets ending up in wrong hands and family disputes on inheritance of property which often ends up in litigation battles.
Writing a Will or creating any other comprehensive estate plan declaring the beneficiary designation and asset details along with the proportion of assets each beneficiary is entitled ensures that the assets are distributed according to your wishes, minimize potential conflicts among loved ones and seek professional guidance to navigate the complexities of estate planning effectively.
With the help of these proactive steps a person can achieve peace of mind and leave a lasting legacy for future generations.
