The write up below seeks to highlight on the negative effects of failure to plan one’s estate together with advising the public of the essence of estate planning. If we take into account the long lasting negative effects of the estate administration process on a family then one must surely invest in estate planning.
As seasoned Executor’s we can confidently say that we have come across so many broken families, these broken families are as a result of the failure of spouses, parent/s or guardians to plan their estate.
Where an estate is administered there are chances that the process can be smooth one or one that is hurdled by disagreements amongst the beneficiaries and family members.
Administration of estates in some circumstances has led to certain problems.
These are usually fuelled where the law is applied to share the assets of the deceased. Each case has its merits and unique circumstances and as such a blanket approach cannot be applied however where one dies without a will the laws of intestate succession are applied which may result in the above mentioned family wrangles and sibling rivalry which has long lasting negative effects as the family is torn apart.
The process of administering an estate involves the distributing of ones assets or estate in line with the provisions of the law of Zimbabwe unless the family agrees otherwise. There are some problems that stem from the process and these include:
- Family feuds – where parents and children are not on speaking terms;
- Disagreements on Executor appointment – (characterized by the family failing to agree who the executor of the estate will be)
- The costs associated with administering a deceased estate and costs of transfer or cession thereafter.
- General lack of understanding of the estate administration process.
Taking into account the points listed above one may ask themselves, How do l ensure that the negative effects of estate administration do not affect my family?
The answer to the question above is a very simple one;
Visit our office today or book your virtual appointment and we will advise you on the estate planning tools that are available and better suited to your circumstances.
This is for general information purposes only
