When most people hear the term “Estate,” they think of vast wealth and high-value assets. People rarely think of that small “shamba” upcountry or that “dudu” car. In reality, an Estate is not a preserve of the wealthy alone, even those with fewer and smaller assets have something worth safeguarding. Estate Planning is about protecting what you have and ensuring that your wishes are followed regardless of the size or nature of your assets.

Understanding the term “Estate”

One’s “Estate” is simply everything you own. This includes your home, land, car, bank accounts, shares, business interests, mobile money, household belongings, digital assets like cryptocurrency, livestock, and even sentimental items. If you have dependants, obligations or property, no matter how modest, you already have an Estate. Where there is an Estate, there is need for planning.

What does Estate Planning involve?

Estate Planning is the process of arranging how your affairs will be managed both during your lifetime (in the event of incapacity) and after your death. Estate planning includes but is not limited to the following:

1. Writing a valid will – To specify how one’s assets should be distributed and who should oversee the process of distribution.
2. Appointing guardians – To care for one’s children who are minors or those who live with special needs.
3. Creating trusts – To manage assets on behalf of one’s beneficiaries, whether to protect vulnerable dependants or to manage complex family dynamics.
4. Assigning powers of attorney – To allow someone one trusts to make financial or health related decisions on one’s behalf if they become unable to do so.
5. Business succession planning – This is important for entrepreneurs and family-owned businesses. It involves identifying the right person to carry out one’s wishes for their business.

Why Estate Planning matters

Estate Planning provides clarity, prevents conflict, and safeguards your interests and those of your loved ones. Without proper Estate Planning:

1. Families may face lengthy court processes or legal disputes over property/assets.
2. Minors (below 18 years) or dependants with special needs could be left without designated guardians, thus their standard of care is at the risk of deteriorating.
3. Assets might not go to the people that one would have preferred.
4. Critical decisions could fall into the hands of individuals that one would not have trusted with those decisions.

Who needs Estate Planning?

Estate Planning is not reserved for the elderly, the wealthy or the terminally ill. It is important for everybody to create an estate plan, including the following categories of people:

1. Young professionals with savings or digital assets.
2. Parents and guardians, especially those with minor children or dependants with special needs.
3. Entrepreneurs and business owners who want to protect the continuity of their businesses.
4. Individuals with blended families.
5. Anyone who wishes to have a say in how their affairs are managed, rather than leaving it to chance or the law of succession.

Conclusion: It is not about wealth, health or age. It is about intention and legacy

The misconception that Estate Planning is only for the rich, old and the sick often leads people to postpone or ignore it altogether. However, Estate Planning is less about how much or how long you have and more about ensuring what you do have is well cared for, and that the people who matter most to you are well protected.

Think of Estate Planning as an act of love and care. It gives you control over your legacy, reflects your values, protects those who mean the world to you, and provides certainty in times of great uncertainty.

 

---

~By Sheila Mutiga & Fridah Gatwiri