Estate planning ensures your assets are distributed the way you want after you die. An estate plan helps you name those you want to receive the things you own after your death. This will give you peace of mind knowing you have protected your family and loved ones from those that may want to take advantage of them and the situation.
A good estate plan can help avert future problems and take care of potential risks or harm to the well-being and future of children. Succession or inheritance disputes are common phenomena characterized by deep hostilities and acrimony. Conflict associated with estate matters can tear siblings or families apart.
The process of mediation helps resolve estate disputes without going through the court system which can be costly, time consuming and divisive. Family members and beneficiaries with the help of a mediator dialogue plans on transfer of assets. A mediator can help parties focus on the future and arrive at creative and peaceful solutions.
PROTECTING YOUR LOVED ONES
Create a will
You may wish to distribute your assets by way of gifts while still alive to take effect after your death. A lawyer experienced in estate law can assist in this regard.
You may leave instructions with some of your family members (selected wisely) those you know will protect your wishes and loved ones especially if your wife has no child
Make your wife when expedient and/or your grown up children (18 years or above) next of-kin in official documents.
Prepare your wife, children for responsibility to succeed you in your business
Empower your wife economically. When women are empowered children are empowered because a woman will take care of her children
Practice joint ownership of assets with your wife with her full name in relevant documents to enable her access the assets without official or family hindrances
Disclose your assets to your wife
Make your wife co-signatory to your account. Keep a joint account with her so that she can take care of your children. Whatever may be her situation a woman would not forget her children
After the demise of her husband a widow who confronts difficulties with her in-laws and fears for her children and their future should seek peaceful intervention through mediation.