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Inheritance Planning in Ghana
An Inheritance Plan allows you to settle property whilst alive so your loved ones can easily access it when the time comes. In Ghana, Inheritance Planning involves several legal processes. Your Estate Plan will guide how you purchase properties, settle debts, structure investments and other properties.
With a proper plan in place, your loved ones will easily access their inheritance with minimal litigation. That is the main goal of an Estate Plan. However, it can also provide a solution for people with ailments like stroke, cancer, etc. They can choose trusted legal representatives who will act on their behalf when they become unable to act for themselves.
The Planning Process
Your lawyer may help you prepare an Inheritance Plan. Every inheritance plan is unique and tailored to each individual. It usually depends on the size of the estate and the peculiar circumstances of the individual. The entire planning process is not always necessary. For some property owners, it may be necessary to secure deeds of transfer, change of name, tax certificates etc. It almost always includes the preparation of a Will and sometimes that alone is sufficient.
Essentials of Inheritance Planning
With Inheritance Planning, you have a comprehensive platform that you can edit and modify as your personal and financial situations change. It is important to have an accurate picture of your financial circumstances. This helps to set realistic goals for inheritance planning.
These are a some of the elements you need to assess in the Planning Process.
1. Inventory of Properties & Assets
The first step is to prepare an inventory of properties and assets. This will help determine the particular steps needed to formulate the plan. Many clients find it challenging to identify exactly what forms part of their assets.
Assets are of several categories, they may be immovables like Land, Buildings and farms and movables like Vehicles, Furniture, Money and several others. Your inheritance planning professional will assist you to build the inventory.
2. Inventory of Liabilities
Your situation may also require you to identify all outstanding liabilities and develop a plan for settling them. These are mostly outstanding loans and unpaid credit. They include both personal or business loans.
3. Important Documents
Copies of all important documents ought to be included in the Plan. Important Documents include Land Title documents, vehicle titles, bank statements, shares certificates and others.
4. Account for Family Needs
You must definitely name each one of your family members and make provision for them in the Inheritance Plan. If it appropriate, you may want to set up a life insurance policy with an accredited insurance firm. You can appoint a legal guardian for under-age children or differently abled relatives.
5. Directives
Some people give instructions for their funeral arrangements, medical care etc. The instructions may take different forms. These usually cater for issues that may arise immediately before or after death.
Sometimes they are instructions on burial preferences, cremation, donation of organs for medical research and other similar arrangements.
Other times it is necessary for a trusted person to be appointed as a Guardian for under-age children. You may also select a trusted person to represent you in case of medical emergencies where you are unable to act for yourself. The appointment will only take effect on conditions you have pre-set.
Usually a spouse or adult child, a trusted Lawyer or accountant, a priest or just a good friend or relative is selected to fill this role.
6. Consider Beneficiaries
The Beneficiaries are the persons who will inherit (benefit) the properties. It is always important to create a list of persons who you want to pass on properties to as well as those you would like to exclude. This means that, their names must be accurately mentioned and spelled with the correct spellings and arrangements.
2 Comments
We are four surviving children and beneficiaries of my late father’s house. He died intestate and we did not apply for letters of administration, honestly, I didn’t know anything about it. It’s been twenty years now and the lease of the property has expired however I am the only one paying for the lease renewal because my other siblings says they have no money to contribute. I want to be assisted if I can legally change the name of the property into my name after the lease renewal. Thank you.
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