Personal Estate and Succession Planning
The laundry-list of reasons why people postpone writing their wills generally tends to be comprised of common misconceptions, including that wills are only for the wealthy and the elderly. The reality is that wills are important for adults of all ages, regardless of one’s financial status.
If writing a will and putting in place effective estate and succession planning hasn’t topped your ‘to do’ list, we hope that the unprecedented times that we currently face will prompt you to reconsider. The hard truth is that if you die without a will (intestate), a court will end up deciding your affairs for you, including appointing guardians for your children.
Embracing the preparation of a will as an important family-planning tool will assist you to mitigate the risk of deferring certain critical decisions relating to your family to someone else, whose decisions may not necessarily align with your wishes. Remember that while preparing a will may not be a priority for you at this time, it is of the utmost priority for those nearest and dearest to you, whom you will inevitably leave behind.
We set out some of the key legal issues to consider when carrying out personal estate and succession planning in the Tanzanian context in this article.
|Atiq S. Anjarwalla
Managing Partner, ALN UAE | Anjarwalla Collins & Haidermota
|Mona K. Doshi
Partner, ALN Kenya | Anjarwalla & Khanna