There is. sambaza and share widely, Ama??

For all those who want the summaries, they are in the link below in the wazua google group.

https://groups.google.com/forum/?fromgroups#!topic/wazua/aVDHknrBpvw

That Will

We all know we should make a will, but it’s one of those things that many of us never seem to get round to. We keep procrastinating. In fact, it’s estimated that one in three people die without ever having made one.

Making a will now prevents a financial headache for your family when you die. But not making a will may mean chaos and financial worry for your family or dependants after you’ve gone. Without one, you can't be sure that your money and property will be passed on according to your wishes.

If you die without a will (called dying intestate), the intestacy rules takes over your estate. This one largely depends on how fast the family can agree and decide on a successor and the probate process starts. I may not go through the process at this stage but it gets long and winding if no agreement comes forth from the supposed heirs. What will court cases and feuds, and awaiting court’s judgements.

A will that is not properly signed and witnessed is invalid. In Kenya, at least two witnesses are required. A witness does not need any special qualification or public standing but is merely witnessing your signature. However, they must not have any beneficial interest in the will as this could make the will invalid.

It is always wise to use an advocate to prepare your will just to ensure that it is valid, sufficient and is consistent.

It's sensible to review your will every few years and consider amending it or even writing a new one if there is a change in circumstances, such as if you get married, have children or get divorced. Changes to a will can be made by codicil – an addendum to the original will – or by revoking the old will and drawing up a new one. You can revoke a will by physically destroying it. If the change is relatively simple, you can write a codicil (a supplement or appendix to a will) and get it witnessed, and keep it with your existing will. But you should not alter the original will.

If you wish to make a new will, it should begin with a clause stating that it revokes all previous wills and codicils. If the changes are complicated, such as you remarry, it is better to seek legal advice on drawing up the new will.
Most wills are made up of cash legacies, bequests and the residue. You can leave cash to relatives, friends or charities – these are usually fixed sums to named individuals. You can also bequeath your possessions (including property) and treasured objects to whoever you wish.

What’s left after all the debts, tax and fees have been paid is the ‘residue’. This can be left to one person, or it can be shared out among several individuals.

If you share ownership with a spouse or partner, your worth is half its market value, less your share of the mortgage. Property can held in two ways - either as joint tenants or tenants in common as earlier explained.

If your property is held in a joint tenancy, your half of the property will pass to the surviving joint tenant automatically.

If your property is held in a tenancy in common, you can leave your share of property to someone else in your will. They will then become a tenant in common with the other owner of your property.
For children under 18, you should say who you wish to be their guardians if both parents die, and where the money will come from to look after them. This is usually made in the form of trusts.
If children inherit money and/or property, it is held in trust until they are 18 (or until they marry if earlier). If you don't specify how the trust should be managed, it will be dealt with according to the 'trustee laws of Kenya', which let the executors deal with the fund.

Who are executors?
Executors are people that carry out your wishes in accordance with your will. It's best practice to name more than one executor (or one executor and a substitute). These can be relatives, friends or even an attorney.

In most cases (unless your estate is particularly complex) lay executors are preferable. If they need professional help to administer your estate they can commission probate services.

Beneficiaries can act as executors.
It is possible to make a will without professional assistance (DIY), and many people do so successfully, but it is also very easy to make a mistake when writing the will or signing it, which can render it invalid or ambiguous.

NB: Make sure that your beneficiaries do not access the will before you kick the bucket. Some may decide to dispatch you to your maker faster than you intend to go if they deem you more valuable when dead as opposed to alive.

A break on the posts is hereby taken till sometime in the not so distant future. God bless.

Thanks a bunch @Marty. You have taught me a lot. Have a fruitful and an enjoyable break.

@Marty. Thanks. Very insightful. Quite an eye opener. I consider it the Kenyan version of Rich Dad Poor Dad. In your next sequel please talk about Saving for retirement especially for those in employment. Also saving for the kid's education; Is insurance education policy the way to go?

About the the book publishing. Have some buddies in the publishing field, maybe I can link you up #justathought#

I have been on a break (well deserved), followed by a big assignment and will be back sometimes in September God willing. We shall learn much more together. See you then.

Hey Marty. September is almost over. Where you @? Anxiously waiting for the next bit of education. Marty for President!

Every time i read ur posts it reminds me of the saying that " IT IS IN GIVING THAT U RECEIVE"

Keep up the good work bro..

Welcome back Mwalimu Marty. Great to have you back. Had requested for the retirement planning edu. Anxiously waiting to read the piece of advice on this.

Retiring into the Unknown Cont'd

John was a rather creative character and always won arguments, the type of guys who will always have a final word in any argument. However, he looked frail and was curiously listening to me. It is not easy to advise a guy who was my manager at some point coz in his head he still had the mentality that am junior to him in terms of years and everything else. However, knowing his status at that point in time, I felt obliged to just say what I had in mind just to get the feeling that I did something to save the situation.

And so I asked him, “why are you so convinced that life in Taveta will be too hard for you, aren’t there happy and rich men there, what is it they do?” He gazed at me and retorted, “my good friend, it is not as easy as it looks. People in the village know that I was a big shot in the Parastatal, I even assisted a few to get employment there. Going back to the village and having nothing to do there would not augur well for me. It is complicated because at the moment I am reliant on my daughter a lot who pays the rent and buys food.”, he concluded.


I realized that it was even tougher for me to convince him otherwise. However, I insisted that he had to humble himself, swallow his pride and map out a way out of his quagmire. I told him to compare his current status that seemed to be inviting death and the option of going to the village where he would grow old gracefully watching his grand children grow. After all, the villagers will always talk, whether you are doing well or not. Macho ya chura hayo. After much probing, I realized that he actually owned a 3 acre piece somewhere in Taveta where his wife was residing. The land was idle. He further disclosed that his wife was working in some sisal farm as a farm hand and the last she saw of her was 2 years ago. I jokingly asked him whether he has a side dish of which he laughed uncontrollably and finally said that those things I feel them no more….whatever that meant.

The John I knew at the workplace was a creative guy who would get a solution to all manner of issues. I recounted how he used to motivate us and insisting that we should always think outside the box. I told him that it was his turn to think outside the box. You surely must get a solution to your mess. If you don’t, who will? I reminded him that in life, the biggest issue it to conquer oneself. The biggest stumbling block is what you have fed your mind. It was thus important that you start seeing yourself rising above this challenge.

Analyzing his scenario, I made him realize that he was adding no value in his life by hanging around Nairobi where cost of living was really high and of course drinking off his frustrations was tantamount to burying his head in the sand. Realizing that I had no much time left before proceeding to my earlier destination, I posed and asked him the big question. “What do you think are the practical steps that you can take to get things going?”

It took him some hard thinking but he amazingly recounted what he would do. In summary he mentioned the following:
1. That he’d go back to the village, after all he all along knew that he was doing nothing in Nairobi.
2. That he’ll convince the daughter who has been supporting her to give her some capital injection aimed at doing something of economic value on his 3 acre piece in Taveta. Further, the few expected monthly pension amounts would go towards boosting what he’ll decide to do with at the farm and also build a simple house at the farm.
3. Regarding drinking, he said that it would not be easy to stop but he’d at least stop taking the illicit type. Fair enough I thought.
The jokingly I asked him how he’ll deal with the villagers who thought he is a rich big man in Nairobi…He laughed and noted that he’ll distort the truth and tell them that he opted to trade his usual life of big cars and posh life in Nairobi to settling in the village now that he needed a breath of fresh air and to grow old gracefully.

I started feeling like I had achieved something, so after paying the bills, I stood and waved him goodbye but he stopped me and reminded me of the 100 shs he had earlier requested. I had been so engrossed in the conversation and had forgotten that bit. I removed a 1000 shs note, gave him and told him to mind what he had just said regarding the solution to his issues and was quick to remind him that one of the resolutions was to quit illicit brew. With the widest of grins, he said that 1k is more than enough for a few bottles of Tusker.

I took his cell phone number and quickly disappeared into the horizon hoping against hope that I he will take it upon himself to refocus his life and do something meaningful in his sunset years.

How many Johns do we have with us, some are our fathers, uncles, aunts, brothers, sisters and mothers? Troubles of the retired who never prepared well in advance. Where I come from, there is a proverb that says something to the effect that a tree is only shaped when it is small. We must plan for retirement and early enough.

In the next post we explore how best we can plan for retirement and actually retire early.