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As a chamber our mandate is to promote bilateral trade between the UK and Ghana and so our focus essentially is to ensure that our member companies remain viable business entities in order to support our agenda. Estate planning and business continuity are essential components of business risk management. Considering that education and information is the first step to putting together a comprehensive estate plan, the UKGCC in partnership with FSB Law Consult, organised a seminar on planning your life here and the hereafter at the British Council on 12 February 2020.
The presenter of the seminar, Madam Francisca Serwaa Boateng, gave an overview of estate planning options, techniques, pitfalls and effective strategies. She explained that one’s estates could refer to cash, clothes, jewellery, cars, houses, land, retirement, investment and savings accounts.
She encouraged all participants to be deliberate about how their affairs were to be handled after death or incapacitation to ensure most of their estate is transferred to their loved ones or named beneficiaries, to assign guardians for minors or aged dependants and to avoid families being plunged into years of legal battle.
She gave historical examples of some businesses which failed as a result of a lack of continuity as a result of the owners and founders not having planned their estates and in effect their successions.
Another key point that she made was that estate planning should be done when a person is legally competent, having a sound mind, being in good health and free from emotional stress.
She went on to talk about what wills, trusts and powers of attorney were and their appropriate usage.
There was a question and answer time and an interactive breakfast session where participants had the opportunity of asking all their burning questions, as well as networking with the presenter and financial institutions present.
Feedback received from participants indicated the seminar was a very good one that will certainly impact on the lives of members and their businesses.