While wills and trusts deal with what happens after death, a power of attorney addresses what happens during one’s lifetime.
By
Jackson Ngari
Contributor
Nation Media Group
For many Kenyan professionals, wealth today is no longer confined to land and bank accounts. It sits in M-Pesa wallets, sacco shares, pension schemes, side businesses and even monetised social media platforms. However, while assets are growing and becoming more complex, the planning needed to protect them has not kept pace.
It's easy to cause a family falling out by forgetting to say who gets important sentimental items like jewelry and recipe books.
Spousal lifetime access trusts, or SLATs, provide myriad benefits—but also come with risks.
Having certain estate planning documents in place is especially important for people without obvious next-of-kin, experts say.
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Building and protecting your wealth is more than just making smart investment decisions. Tax planning is also essential.
