How COVID-19 has highlighted the importance of estate planning
Until an emergency or an unexpected event occurs, the majority of us postpone important personal matters as our mind-set is that it can always be done later - there are other more immediate things to focus on. The unexpected Covid-19 crisis has brought into sharp focus the necessity for families to consider putting into place effective estate and succession planning. Octagon Africa Group CEO, Fred Waswa joins CNBC Africa for more.
Thu, 09 Dec 2021 10:07:21 GMT
Disclaimer: The following content is generated automatically by a GPT AI and may not be accurate. To verify the details, please watch the video
AI Generated Summary
- Estate planning is crucial for ensuring a smooth transition of assets and care for dependents after one's passing.
- COVID-19 has led to a heightened interest in estate planning as individuals recognize the need to prepare for unforeseen events.
- Misconceptions about estate planning being expensive and only for the elite need to be addressed through education and awareness.
The unexpected COVID-19 crisis has brought to light the importance of estate planning across the globe. Fred Waswa, CEO of Octagon Africa Group, emphasized the critical nature of estate and succession planning in a recent interview with CNBC Africa. Waswa highlighted that estate planning is often neglected, with many individuals prioritizing other immediate concerns over planning for their future. However, he pointed out that estate planning is essential to ensure a smooth transition of assets and care for dependents after one's passing. He emphasized the need to address the 'what ifs' and consider the legacy individuals want to leave behind. COVID-19 has served as a wake-up call for many, prompting a surge in interest in estate planning. The pandemic has led individuals to acknowledge the importance of preparing for unforeseen events and securing their assets for the future. Despite the challenges in changing mindsets and misconceptions about estate planning being only for the elite, Waswa emphasized that estate planning is not prohibitively costly and is essential for individuals at all income levels. He stressed the importance of educating people about the benefits of estate planning and the potential repercussions of not having a plan in place. As the pandemic continues to reshape our lives, estate planning has emerged as a vital aspect of personal financial management and forward planning.
Get this delivered to your inbox, and more info about about our products and services. By signing up for newsletters, you are agreeing to our Terms of Use and Privacy Policy.
