UD-LEGAL EVENT: DEMYSTIFYING WILLS

The United Denominations Lay World Movement (UD-LWM) put together a Seminar to throw light on Estate Planning and Wealth Preservation and also to clear misconceptions on Writing a Will.

After an opening prayer by Rev. Dr. Francis Banfro, Rev. Panyin Baiden gave the keynote address. He highlighted that in a large and great house (UD), there are many vessels with varied expertise and wealth of knowledge. In this Seminar, their experiences are shared so that none amongst us will lack with regards to this subject matter.

The Panel Speakers were Rev. Kodwo Orleans-Lindsay (Chairman UD Lay World Movement) represented by Rev. Ben Johnson, Rev. Nathaniel Akyeampong, Rev. Kojo Frempong, Dr. Emmanuel Selase Asamoah, Mrs. Dolly Aheto-Tsegah and Lady Pastor Yaa Dankwa Ansu-Damoah (Host).

The event sought to provide a general overview of:

• The importance of drawing up Wills

• The various components of a Valid Will

• The importance of Life Insurance and its benefits

• What is means for a Will to be contested

The Biblical basis for the topic was shared by Rev. Ben Johnson from Isaiah 38:1 In those days was Hezekiah sick unto death. And Isaiah the prophet the son of Amoz came unto him, and said unto him, Thus saith the LORD, SET THINE HOUSE IN ORDER: for thou shalt die, and not live. Scripture makes it clear that we have a duty to “put our house in order” before we reach the end of our lives. Failure to do so can lead to deep confusion which the evil one can use to sow all manner of evil seeds within families and amongst loved ones.

The panelists highlighted the importance of drawing up Wills to ensure that one’s wishes are appropriately met with little ambiguity and room for argument. It was noted that Wills are not instruments reserved for the rich and dying only but should rather be considered by all fit and able adults with any type of property, regardless of its value.

Listeners were also encouraged to consider including the Church in drawing up Wills as Wills offer the flexibility for this. Wills are instruments that can be revised as many times as the Testator wishes prior to his/her death. The key components of a Valid Will including appropriate Execution, Witnessing, Legal Capacity and State of mind of the Testator were discussed in detail. Whilst other requirements may be applicable depending on the laws of the jurisdiction concerned, these key components are common to most jurisdictions.

Life Insurance as a means of ensuring that one’s family has adequate funds to meet funeral expenses, debt payments and other financial needs was also discussed. This is a relatively inexpensive aspect of one’s financial planning which could go a long way in assisting the family one leaves behind.

Lastly, Trusts as an alternative to Wills was also discussed. As Trusts do not fall under probate, they could be a tax efficient way of leaving property to loved ones.

The event ended with an interactive question and answer session. Questions posted by listeners on various media platforms were discussed in detail.

Lawyer Kwame Akyianu gave the closing remarks and thanked the Resource Persons for stirring up interest in the subject thus, generating a lot of questions from listeners all over. Rev. John-Mark Alifo closed in Prayer.