In order to research on people’s estate plans, I have interviewed one man aged 35. I choose to interview him due to his relation to the transport business and because he came from a rich family of a prominent politician. He owns eight public transport vehicles, and being the only son in his family, all the assets of his father, including plots, plantations, and buildings, are part of his future inheritance. I met him at his house after work, where I requested to have a word with him. He accepted my request, and I interviewed him.
At first, I asked him what estate plans he had. He told me that at that moment, he had not started investing in estate plans, and that his father had built a rental houses in the city. He claimed he had not done so since he required more time to stabilize financially and to provide his kids with education. I told him how crucial it was to have estate plans, since they would help him eliminate uncertainties over his assets and family in the future. I told him that estate planning involved the process of anticipating and arranging one’s life in terms of investments and property. He was then able to understand what estate planning was and asked whether it was similar to a will.
Therefore, I told him that a will was just a single element of estate planning, and then I asked him whether he had one. He confessed he did not have one since he had not yet approached old age. Further, I asked him whether he thought what would happen to his family if something jeopardized his life. He said that his family would be able to survive due to the resources he had accumulated. I further wanted to know whether he had plans to write a will, and what would be the purpose of it. In response, he said he would write it since he did not want his children fighting for what belonged to their father after his death.
He added that his desire in life was to ensure that even after his death his businesses would continue flourishing and expanding in order to continue providing employment to young people in the society as well as support his family. He also disclosed that after inheriting his father’s property, he would include in his will the need to support the education of the less privileged in the society.
Following the first response from my interviewee, it is clear that many people in the society do not know what estate planning is. Even my interviewee, an educated member of the society and a person from a prominent family, did not possess enough knowledge pertaining to the subject of estate planning. However, even though many people do not understand what estate planning is, they know what a will is, although many of them have not written one. They keep on procrastinating the writing of their will, thinking that nothing bad will happen to them, and they hope that what they have accumulated during life would support their families.
The interview clearly showed that there is need to educate people on estate planning, its importance, and other aspects related to it. In addition, it is important to guide the public on what they should include in their will.
Finally, I advised my interviewee to prepare an estate plan since it would help him eliminate uncertainties and worries about his current investments and inheritance in case of potential accidents. He was grateful for the valuable information he received during my interview.