Who qualifies to register a Will?

Answer: Any adult who has a valuable asset.

Often times people under 40 assume that they do not need a Will until they are about to retire at 60. This is a common misconception which only cause more problems when the unforeseen happens.

The assumption that you will live long enough to sit down with your attorney to prepare a Will is robbing you of the chance to put your house in order. Wisdom demands that you should always be a step ahead.

What should you include in your Will :

If you know that you own anything that you consider as valuable then now is time for you to start enquiring about getting a Will registered. One can include almost anything to their Will as long as they are the rightful owners. This may range from a collection of high-end sneakers, watches, hand bags to your first plot, house, farm or machinery that you own.

When you prepare to register a Will you need to first identify your Executors who Will be tasked with the role of ensuring that your Estate is distributed in accordance with your Will your Executors should be individuals who do not stand benefit under your Will. They should also be trustworthy and accountable.

Next you prepare an inventory of all your assets (Land, movables, shares or any other beneficial interests). You will need to decide how you want them to distributed amongst your heirs (beneficiaries).

Conditions that you can place on your inheritance

There are certain conditions you can place on your inheritance and these are;

1. The age at which your heirs should inherit;
2. The exclusion of the property from the heir’s joint marital property (This is to ensure that your legacy remains within your family)

Your Will allows you a chance to convey your wishes regarding how and where you want to be buried.

Your Will allows you to decide the line of succession in the event your heir dies before you (especially if you do not amend it afterwards). It allows you to explicitly exclude someone from inheriting from you. That is to say, if there is someone who is likely to inherit from your estate under the cultural customs of your tribe, you can specify that you leave them nothing. This is to ensure that there is no doubt or speculation that they were merely forgotten.

Another Interesting condition that you can include in a Will is that you can leave your house to your children on condition that your spouse shall remain in full occupation, undisturbed for the duration of their lifetime. This protects your spouse from eviction from the property by anyone and gives the children the assurance of an inheritance in the near future. This type of setup is called a Fidelcommissum.

Avoid the dreaded family estate battle

In a country (such as Botswana) that has a lot of blended families, a Fideicommissum eases the tension between stepparents and stepchildren because it creates a truce between them.

If you die without a Will, your assets will be distributed according to your cultural customs. For example, some cultures do not recognize a woman’s right to inherit and only sons inherit property especially land whereas women /girls get sentimental household items.

As a parting thought, consider whether you would entrust the division of your valuables to your culture or to the state to manage and distribute it according to your Will.

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The world we live in today has advanced into a cashless society. Entities like, Banks and Financial Institutions now encourage electronic banking by any means. International organizations such as the World Bank, International Monetary Fund, and United Nations have also been promoting electronic banking as a way to promote financial inclusion and reduce poverty. They have even gone to the extent of providing technical assistance to countries to help them develop electronic banking systems and policies.

Younger Generation And Electronic Transactions

The younger generation is adept at utilizing online money services such bank transfers, ewallet / instant money services as well as accessing bank statements, confirmation letters, forex exchange and other global transactions while eliminating the need to exchange hard cash. Younger people have grown up with technology, and are therefore more comfortable using electronic payment methods such as mobile payments, online banking, and digital wallets. They also tend to be more open to new technologies and innovations in the financial sector.

Older Generation And Electronic Transactions

The older generation tends to be less comfortable with electronic transactions compared to the younger generation. This can be due to a number of factors, including a lack of familiarity with technology, concerns about security, and a preference for traditional payment methods.

Many older individuals may have grown up in a time when electronic transactions were not as prevalent, and may not be as familiar with using computers, smartphones, or other digital devices to conduct financial transactions. As a result, they may be hesitant to use electronic payment methods like online banking or mobile payments.

The Cessation of Cheques

The last form of traditional money exchange is the use of cheques and it is now about to be phased out completely. Cheques, as a form of transaction, are becoming less popular as electronic payments become more prevalent. While cheques are still accepted by many businesses and financial institutions, their use has been declining steadily over the past few years. This change is partly motivated by global financial intelligence policies.

What You Should Do:

If it has not already been made abundantly clear, it means you need to position yourself by doing the following things,

1. Re – Open dormant bank accounts.
2. Open a new bank account
3. Register for online banking and familiarize yourself with how it works and start using it consistently.
4. For businesses, it means you need to acquire speed point machines (swiping machines). It is also important to teach staff how to use them and then start using them.
5. Set up a Paypal account , Skrill, Venmo, Shopify, Googlepay or any other trusted and google verified digital platforms that allow you to pay for goods or services online especially if you are going to be buying anything internationally.
6. If you do not have access to a bank account you can also make use of electronic money wallets that do not require a bank account to open. If you are in Botswana you can keep and transfer as much as 30 000BWP (3000 USD) by using wallets like Orange Money, Myzaka or Smega.
7. Once you have become conversant with the use of these platforms, you are less likely to be taken advantage of by those more knowledgeable than you. So it’s important for one to learn the basics so be able to maneuver in the society we now live in.
8. Having acquired all the knowledge, Its important to help your parents or the elderly in our society to set up these online platforms as they are used to handling hard cash. Slowly but surely the use of online transactions will sink into our culture as its benefits are extensive.
9. The older generation owns land and usually when they sell it they expect payments to be done in cash. The problem is, banks are now reluctant to accept large cash deposits because the source of funds will need to be checked thoroughly checked. It is an inconvenient process even for bankers to produce proof of the source or details of the person who paid in cash. In comparison to electronic payments that leave a clear record of the money.
10. At some point in the near future it is going to be odd to see anyone transacting in hard cash. You do not want to stick out like a sore thumb when your lack of understanding makes you look like a suspect.
11. Botswana Automated Clearing House (BACH) will cease to accept cheques for clearing as at December 31, 2023. Therefore it is important to use the next eight months of the year 2023 to set up your digital platforms and online banking. After you are done you might actually spent the rest of the year with out having to step into a bank at all.

The Cessation of Cheques and digitization of money

The trend towards the cessation of the use of cheques has been ongoing for some time now, and it is becoming increasingly rare to see cheques used for transactions. If you still rely on cheques for your financial transactions, it’s important to consider other payment options especially electronic payments that have become more widely accepted and efficient.

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What You Need to Know

Social media has become a ubiquitous part of modern life, and while it provides many benefits, it also raises concerns about privacy. In this article, we’ll explore how the use of social media affects our privacy rights and the impact it has had on privacy laws.

Personal Data – Social Media Platforms

Social media platforms collect vast amounts of user data, including personal information such as names, age, location, and browsing history. However, this has been a subject of controversy, with many people arguing that these platforms are not transparent about how they collect and use user data.

International Laws

In response, privacy laws have been introduced to regulate the use of personal data by online social networks. For example, the European Union’s General Data Protection Regulation (GDPR) requires social media platforms to obtain explicit consent from users before collecting and using their data. Similarly, the California Consumer Privacy Act (CCPA) in the US mandates that social media platforms provide users with the ability to opt-out of the sale of their personal information.

Botswana Laws

Botswana has yet to implement specific laws that govern social media privacy. However, Botswana’s Data Protection Act of 2018 provides some level of protection to individuals’ personal data, including data that may be shared on social media platforms.

Under the Data Protection Act, personal data must be collected and processed in a lawful and fair manner. Individuals have the right to know what personal data is being collected about them and how it will be used. They also have the right to access, correct, or delete their personal data.

While the Data Protection Act does not specifically address social media, it applies to any organization or person that processes personal data. This includes social media platforms operating in Botswana. Therefore, social media platforms must comply with the Data Protection Act when processing personal data of Botswana users.

Legal Actions

Moreover, social media platforms have faced legal actions for their handling of user data. In 2018, Facebook was embroiled in a scandal when it was revealed that a data analytics firm had harvested the personal information of millions of users without their consent. This led to numerous regulatory actions against Facebook, including a $5 billion fine by the US Federal Trade Commission (FTC).

Fake News And Misinformation

The spread of fake news and misinformation on social media has led to many legal and ethical questions about privacy. For instance, fake news and misinformation can cause reputational harm and lead to harassment. This can have long-lasting effects on an individual’s privacy. Additionally, it can lead to identity theft, stalking, and other types of cybercrime.

To address these concerns, privacy laws have been introduced in many countries around the world. For example, in Germany, the Network Enforcement Act (NetzDG). It requires social media platforms to remove hate speech and fake news, and other illegal content within 24 hours or face significant fines.

Similarly, the European Union has introduced the Code of Practice on Disinformation. It comes in to promote transparency and accountability among online social network organizations regarding the spread of fake news and misinformation. The code also encourages these platforms to work with fact-checkers and independent researchers to identify and combat false information.

In the United States, the Communications Decency Act provides immunity to social media platforms for content posted by their users. However, the Act does not protect platforms from legal action related to the spread of fake news and misinformation. Therefore, social media platforms could face legal action for their role in spreading false information.

Addition

Social media has had a significant impact on privacy laws. It is important to understand how it affects our privacy rights. While social media platforms provide many benefits. It is essential to be aware of the risks associated with sharing personal information online. Online social platforms must be transparent about how they collect and use user data to ensure that users’ privacy rights are protected.

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