October is estate, gift planning awareness month in Ghana

The Improving Financial Awareness and Financial Literacy Movement in Ghana which is pioneered by the Center for Financial Literacy Education Africa, University of Ghana Business School, The International Improving Financial Awareness and Financial Literacy Association known as The FA Association at University of Ghana Business School, The Financial Awareness Foundation – the USA and the University of Ghana Law School launched October as Estate and Gift Planning Awareness Month in Ghana.

This month-long campaign is the second media content blitz run by the movement every year.

The Improving Financial Awareness and Financial Literacy Movement is significantly improving financial awareness and financial literacy across Ghana and beyond.

Preview the Executive Summary of The Movement to see how we are addressing this HUGE social challenge.

The plan behind The Movement is to touch everyone at least twice a year through a personal finance content media blitz built around the strategic campaign venues of

i. Estate & Gift Planning Awareness Month in October, & six months later with

ii. Financial Literacy Month in April; with educational and motivating reminders and tools for making wise lifelong financial decisions and to get and keep your financial house in order with a current financial, estate, and gift plan. We encourage financial/nonprofit/educational professionals and their organizations, employers, municipalities, and the news media to actively participate in The Movement to alert, educate, motivate, and assist everyone to cost-effectively establish and keep their financial, estate and gift plans current.

The right education goes a long way to solving the lack of financial awareness along with curing the financial illiteracy epidemic.
October every year is declared Estate and Gift Planning Awareness Month Campaign. Here are some ESTATE & GIFT PLANNING BASICS

Estate & gift planning is a financial process that can protect you and your family and is a very important component of your overall financial planning. Now is the perfect time to put your estate & gift planning house in order.

If you don't have an up-to-date estate & gift plan and you;

i. Happen to get hurt or sick and cannot manage your financial affairs, the courts will have to appoint someone to manage them for you. The person they appoint might not be the one you would want to perform those tasks.

ii. Pass away, your affairs will be settled by default through a complex legal system called "probate." The handling of your financial affairs can turn into a costly and frustrating ordeal for your family and heirs. Your assets may not pass to their desired party, and there is no way for your assets (significant or modest) to get to your favorite charities or causes unless some advance arrangements are made.

ii. Asset pass at death by title, beneficiary designation, and if there is no will or trusts via the state laws of intestate succession which by default goes to close, then distant, family; if none exist they then revert to the state of domicile after taxes and costs.

Even if a simple will and power of attorney are all you require, an estate & gift plan is an essential part of your financial planning. Everybody will need it someday. The time to address or update your financial and gift plans is now.

Speaking at the launch, The Dean of the UG Law School, Professor Raymond Atuguba commenced the efforts of The Movement and The FA Association at the University of Ghana Business School. He also emphasized the need for massive financial literacy awareness and education. Expounding on estate and gift planning, we mentioned that UG Law School will work with the business school, The FA Association, and The Movement to redeem financial illiteracy by helping students, and the university community get and keep their estate and gift plans in place.

Mr. William Damitia, Lecturer at the University of Ghana Law School was very particular on death and taxes. Speaking on Estate and Gift Planning; a strategy to protect you and your family, while building wealth and helping others, “in this world nothing is certain, except death and taxes” he agrees with Benjamin Franklin profound quote.

In anticipation of death, men must often set out plans and processes to ensure a smooth transfer of their assets to persons upon death, he said. The common form of estate and gift planning is Wills, the establishment of Trusts, transfer of Assets inter Vivos, etc. Estate planning may involve appointing another person to make health and financial decisions for a person in the event that the person becomes incapacitated.

A solicitor and barrister, Mrs. Anita Delight Danquah Esq in the spirit of supporting the improving financial awareness and financial literacy movement in Ghana and October as Estate and Gift Planning Awareness Month touch on why estate & gifting is important in protecting the vulnerable [women & children] in the family.

“People are making critical life decisions based on information gained from non-experts and fragmented out-of-date sources,” she said. She touched on;

1. What is an Estate? Gifting? Estate Gifting?
2. Types of Gifts & Whom to Gift
3. Inter Vivos Gifting / Transfer
4.Testamentary Gifting/Transfer [under Wills]
5.Testamentary Gifting/Transfer [under PNDCL 111]
6. Consequences of not Gifting while Alive
7. Consequences of leaving everything to ‘chance
8. The Way Forward
9. Steps to a Successful Estate & Gift Plan
10. What’s Needed to Draft a Will
11. Common Mistakes to Avoid
12. Common Misconceptions

The official launched of Estate and Gift Planning Awareness Month was educative, insightful, and an eye-opener.

The Movement and its partners will run activities throughout the month. They call on all and sundry to support and participate.

Learn more about the movement below:

Help us eradicate the Financial Illiteracy Epidemic and make this a better world for all.

i. To existing Strategic Partners and colleagues; we encourage you to participate in the second personal finance content media blitz under The Movement – Estate and Gift Planning Awareness Month this October. See “Join The Movement document” for a fun list of ways to support and participate.

ii. To new and potential Strategic Partners, Ambassadors, and Volunteers, kindly preview the Executive Summary and Join the Movement document to understand and ways you can support and participate. : The Executive Summary

You may want to:

1. Craft and sign a Proclamation supporting The Improving Financial Awareness & Financial Literacy Movement in Ghana declaring October as Gift & Estate Planning Awareness Month and April as Financial Literacy Month within your
Community, Church, Organization, Association, School, Municipality
Then announce it to the news media, your employees, members, students, and The People of Ghana.

2. Place financial and estate and gift planning editorial content on your social media, websites, newsletters, local newspapers, and radio/television/web-based shows, in support of The Movement during the strategic campaign venues of Estate & Gift Planning Awareness Month and Financial Literacy Month. Share this article in support of Estate and Gift Planning: It’s Time to Protect YOUR Family & Your Future. Most of our adult population does NOT nor realize the importance of not having a current or up-to-date estate plan to protect themselves and their family's assets; that can include half your family, friends, and associates.

3. Share Financial Quotes of the Day or Week. It is fun and a GREAT way to participate in The Improving Financial Awareness & Financial Literacy Movement.
Download this Word File and see what others are doing and use the Templates and samples provided or you can design the perfect one of your own!!!
Also included are 30 financial quotes for your use, or you can create or find your own.

4. Contact us about being leading Strategic Partner
Peter K. Asare Nyarko, Executive Director Center for Financial Literacy Education-CFLE Africa, Founding TFAF Lead Ambassador in Ghana and Advisory Board Member, Financial Literacy Advocate| Financial Educator| Entrepreneur| Author
P.O. Box 8412 | Accra-North | Ghana, West Africa.
Tel/WhatApp: +233-278-553-887
[email protected]
[email protected]
www.cfleafrica.org

Dr. Benjamin Amoah, Ph.D., Patron Coordinator The International Improving Financial Awareness & Literacy Association TFAF Ambassador & Advisory Board Member Benjamin Amoah Ph.D., ACCA, Lecturer Department of the Finance University of Ghana Business School P. O. Box LG 78, Legon, Accra
Official Email: [email protected]
Mobile: 0247-599-606
WhatsApp: 0247-599-606
Website: http://ugbs.ug.edu.gh/association

Let's start by helping to get everyone's financial house in order starting with a current financial, estate, and gift plan.

Please share this important message with your family, friends, and fellow employees, and on social media. Stay safe and healthy – there’s lots of work to do and fun to be had!!!!! - wishing you, your loved ones, and colleagues all the very best, ALWAYS.