Estate and gift planning awareness month

A large number of adult population in Lesotho, including immediate family members, friends and colleagues do NOT have nor realize the importance of having a current or up-to-date estate and gift plan to protect themselves, their family and their assets.

Estate and gift planning is a financial process that can protect all citizens and their family members and is an important component of the overall financial planning journey.

Now is the perfect time to put your estate planning house in order.

In a case where there is no up-to-date estate and gift plan and someone happen to get hurt or sick and cannot manage his/her health or financial affairs, a spouse or children or close relative will manage them. The person taking over this role may not be the preferred candidate to perform those tasks according to the owner.

“Without an estate and gift plan, when you pass away, your affairs will be passed on to parents/spouse/children/close relatives.

The handling of financial affairs can turn into a costly and frustrating ordeal for family members and heirs. It sometimes becomes challenging for assets to pass to the rightful heirs until legal route is undertaken. When children are young relatives sometimes easily benefit from the assets eroding them so fast that children fail to get the right and correct education. When elderly also those close to them easily utilize assets for their own benefits leaving them so poor that they cannot afford to live a decent life. Majority of family fights emanate from estate late assets which were not distributed properly in the absence of a legitimate will document.

Leseli Financial Literacy Institute and its strategic partners through The Improving Financial Awareness and Financial Literacy Movement in Lesotho join forces on a nationwide estate and gift planning awareness month campaign in October to create awareness and educate the public on the essential principles to estate and gift planning.