As Many as 60% of Kenyans Do Not Have a Written Will
A survey has shown that as many as 60 per cent of Kenyans lack a written will. It is the cause of most family disputes and uncertainty in wealth distribution after death. Some of the reasons people give for not having a will are; cultural practices, lack of awareness, mistrust, and fear of legal charges.
The survey, conducted by Enwealth Financial Services Ltd in conjunction with Strathmore University and institute of Human Resource Management, found that 40 per cent of respondents count on next of kin nominations, 20 per cent made verbal declarations, while 5 per cent confided in one family member.
The new constitution promulgated in 2010 brought changes to inheritance matters by eliminating gender discrimination in such matters. As a result, 26 percent of Kenyan households have reported conflicts related to succession issues.
The survey showed that Kenyans aged between 31 years and 40 years placed the highest value in leaving an inheritance. Most interviewees said they wanted to leave an inheritance for their children to have access to good education. They also wished to leave a business for future prosperity.
Enwealth also found that 70 per cent of respondents expressed confidence in their kids’ ability to manage inherited wealth while 30 per cent of respondents lacked confidence in the children’s ability. Up to 33 per cent of interviewees said they had considered leaving their wealth to charity organisations, non-family members and other institutions.
The research revealed that Kenyans moslty put their wealth in real estate, followed by pension funds, Saccos, then cash.