'Only the rich need wills' – 6 myths about wills debunked
60% of Kenyans do not have wills, according to a survey conducted by Pensions administrator, Enwealth Financial Services Ltd, in partnership with Strathmore University and Institute of Human Resource Management.
60% of Kenyans do not have wills, according to a survey conducted by Pensions administrator, Enwealth Financial Services Ltd, in partnership with Strathmore University and Institute of Human Resource Management. The reluctance of Kenyans to write their wills probably arise from the notions that have long been held when it comes to wills, like, only the rich need wills. We debunk 6 myths about wills.
Only the rich need wills
This same survey found out that 26.2% households have experienced succession wrangles. Even if all you own is just a car and a checking account, you need to state how those will be handled. A will is not for you, you do it for the benefit of your loved ones. If you do not leave a will behind that states how your estate will be handled, you expose your loved ones to so many wrangles and unnecessary headache. Indeed Kenyans have witnessed many such wrangles, you do not want to be one of those people.
Wills are expensive
While these might have been true some time back, it is not so currently. Do your research and you will find many affordable options.
Wills are morbid, they invite death
Whether you write a will or not, you are still going to die anyway, at some point you will – might be in 10 years, or 50, but it will happen. Nobody is making it out of this life alive. That said, don’t you think it is better to plan for this eventuality in advance and leave your loved ones in a better place?
Making a will takes a lot of time
Thinking of the allocations of your estate will probably take some time. You had better think things through and come up with viable decisions. Once that is done, the actual making of the will itself will not take too much time.
Wills are static – once made, that is it
Nope. That is not true. A will is a living document. You can adjust it as new things happen – new relationships, births, marriages.
Wills are only for the elderly, the sick and new parents
Death does not wait for you to have kids, grow old or be sick, it does not give notification – otherwise we would wait till five minutes to our deaths to write our wills. If you do not want the government to determine what happens to what you own for you, it is best to have a will.