In a country where the average life expectancy is just 56 years, estate planning should be the norm, not the exception. Yet, it remains one of the most avoided topics due to fear, superstition, cultural resistance, and religious beliefs. For many, the thought of planning for their eventual passing feels uncomfortable or even taboo. Still, the only certainty in life is death, and preparing for it is one of the most thoughtful and responsible actions one can take.
Despite the discomfort, estate planning is not about predicting death—it’s about protecting life, your legacy, and those you love.
Why Estate Planning Matters
Estate planning offers numerous benefits that go far beyond asset distribution:
Control: You determine how your assets will be managed and distributed.
Asset Protection: Shields your estate from unnecessary taxes, legal disputes, and mismanagement.
Family Security: Ensures your loved ones are cared for, both financially and emotionally.
Minimized Probate: Reduces the delays and costs associated with the probate process.
Healthcare Directives: Allows you to document your healthcare wishes and appoint someone to act on your behalf if you’re incapacitated.
Business Succession: Facilitates a smooth transition of your business to the next generation or chosen successor.
Charitable Giving: Enables you to support causes that matter to you, even after your passing.
Privacy: Helps keep your financial affairs confidential.
Peace of Mind: Brings a sense of security knowing your affairs are in order for your family’s future.
Key Elements of an Effective Estate Plan
Asset Inventory: List all your assets—real estate, bank accounts, investments, insurance, retirement funds, digital assets, and personal belongings.
Beneficiary Designations: Clearly state who inherits what. This includes family, friends, or charitable organizations.
Last Will and Testament: A legal document that outlines how your assets should be distributed and names an executor to carry out your wishes.
Trusts: Useful tools to manage assets, reduce taxes, and control distributions over time.
Guardianship: If you have minor children, designate who will care for them if you’re no longer around.
Healthcare Directives & Living Will: Specify your medical preferences and assign a trusted individual to make decisions on your behalf.
Powers of Attorney: Appoint someone to handle your financial and healthcare matters if you’re incapacitated.
Tax Planning: Work with professionals to minimize estate taxes and maximise what you leave behind.
Regular Reviews: Life changes—your estate plan should too. Review and update your plan regularly.
Start Sooner, Not Later
Many people shy away from estate planning conversations, often reacting with statements like, “Do you wish me dead?” While these reactions are understandable, it’s critical to frame the conversation around care and responsibility, not fear.
Once you reach legal adulthood (18 or 21, depending on jurisdiction), you should begin thinking about your estate, especially if you’ve acquired assets or have dependents. The need becomes even more urgent when you marry, have children, or start a business.
Legacy is More Than Wealth
Preserving, protecting, and passing down your legacy is just as important as building it. After all, what’s the point of building a lifetime of wealth or accomplishments if there’s no plan for what happens next?
In many cultures, there’s resistance to insurance and estate planning—a tendency to leave tomorrow to chance or faith. But tomorrow can be better prepared for, starting today.
Final Thoughts
Estate planning is not just for the wealthy. It’s for anyone who has loved ones, property, or values they want to protect. It is a critical part of a holistic financial strategy, and while it may not be a conversation people look forward to, it is one of the most loving things you can do for your family.
It’s not just about “who gets what”—it’s a declaration of who you are, what you value, and who you care about.
Don’t leave your legacy to chance. Plan it.
OVIGHO RICHARD OKOJEVOH-CIEH.SMC.CEH.PMP.
Is a Scrum Master Certified, Project/Product Management & HSE Professional, and the Executive Secretary of the Society for Health, Safety, and Environmental Education