As part of efforts to tackle the growing challenge of intestate succession in Ghana, Universal Merchant Bank has launched the UMB LegacyCare+, a product designed to help customers plan and manage their estates.

This ensures that dependents are protected and assets are seamlessly transferred after death.

According to a 2023 report by the Institute for Liberty and Policy Innovation, an estimated 85.5% of Ghanaian adults die without a will.

Head of Registrars and Wealth Management, Niine Inkumsah Sarpong, speaking to the media after the launch of UMB LegacyCare+, emphasized that the product comes at a critical time when many families face uncertainty due to the absence of structured estate planning.

“It is a wealth management solution, and don’t forget that for us at UMB, we are registrars as well. So we have been in the registrar business since 1976. We have dealt with shareholders. There are times that we are even in our offices, and 25 years after somebody has died, before they bring an LE for us to transmit shares.

“We notice that this is because there’s no structured way for people to transfer their wealth. And so it is very important. We also know, in fact, there are lots of people who would want to do a will, but they don’t know where to start from. We are a bank. We provide wealth management solutions and banking solutions and so in as much as we are thinking of how to help your business grow, we also are thinking of how to be able to transfer the business or the wealth that you have acquired for the benefit of your loved ones,” she remarked.

Meanwhile, Head of Corporate Communication at UMB, Edem Knight-Tay, said the UMB LegacyCare+ solution is inclusive and tailored to meet the needs of a broad customer base, regardless of income level.

“Legacy Care+ is targeting everybody who is 18 years and above and of sound mind. You don’t have to be educated. You don’t have to be overly rich. You only need to own a property you can actually call or prove that it’s your own. And then this product is for you,” she stated.

“We know that people dying in interstate in this country is a big deal. We have seen a lot of people suffer because their parents or family members who cater to them didn’t make wills or did not plan their estates very well. So we are trying…this product is positioning itself to fill that gap.

“And so we will make sure that everybody is included such that when tomorrow you are no longer there, you won’t be tossing and turning in your grave. We were positioning Legacy Care+ such that everybody is catered to. Even when you are not here, your family members are still catered to,” Edem Knight-Tay added.