Level 400 Banking and Finance students at the University of Professional Studies, Accra (UPSA), have been guided to write their first wills as part of efforts to promote early estate planning and responsible wealth management among young people.
The practical exercise formed part of the fifth National Estate and Gift Planning Awareness Conference (NEGPACON 2026), organised by the Centre for Financial Literacy Education Africa (CFLE Africa) in collaboration with the UPSA Faculty of Accounting and Finance.
The conference sought to raise awareness of estate planning, succession, wills, and estate and gift tax considerations.
Facilitated by lawyer Benjamin Kodwo Agyare, the session introduced students to the practical steps involved in preparing a will, including identifying assets, selecting beneficiaries and clearly stating their wishes.
The exercise was designed to help students apply their classroom knowledge to real-life financial decisions and challenge the perception that wills are only necessary for older people or those with substantial wealth.
Financial literacy must include wealth transfer
Executive Director of CFLE Africa, Peter Asare Nyarko, said financial literacy education should go beyond earning, saving and investing to include protecting and transferring wealth.
“We want young people to understand that building wealth is only one part of the journey. They must also understand how that wealth can be protected, preserved and transferred responsibly,” he said.
According to him, introducing university students to wills and succession planning would help them develop responsible financial habits early in life.
He added that knowledge of estate planning was particularly important for Banking and Finance students, who could eventually work with individuals and families on financial management and wealth preservation.
Mr Agyare said the practical approach helped students understand that preparing a will was not exclusively for wealthy or elderly people.
The session also highlighted the need to review estate plans as personal circumstances change, including through marriage, having children, acquiring property and establishing businesses.
Students welcome practical experience
President of the Banking and Finance Students Association, Josephine Gyekyewaah, said the exercise had changed her perception of wills and estate planning.
“Before this session, I think many of us saw wills as something for older people or people who already have a lot of property. But going through the process ourselves changed that perspective. It made me realise that estate planning is about being intentional and responsible with whatever you have,” she said.
Student participant Ampofo Bright Ntow said the exercise encouraged him to reflect on his assets and how they should be distributed.
“The session made me think about the things I already have and the things I hope to acquire in the future. I had never seriously thought about who would benefit from my assets or what would happen to them if I was no longer around,” he said.
He added that writing a will made the subject easier to understand by allowing students to consider the decisions involved rather than simply learning about them in theory.
Another participant, James Laryea, said the workshop had demonstrated that people did not need to accumulate substantial wealth before considering estate planning.
“One of my biggest takeaways is that you don’t have to wait until you have millions of cedis before you start planning. What matters is that you begin to take responsibility for what you have,” he said.
He noted that preparing a will provided an opportunity for individuals to communicate their wishes and reduce uncertainty over their assets.
Preparing future financial professionals
The initiative forms part of efforts to broaden financial education by incorporating succession planning, inheritance and wealth preservation into the training of future financial professionals.
Organisers say early exposure to estate planning can help students develop a more comprehensive understanding of personal and family financial management.
Through NEGPACON, CFLE Africa is promoting an approach to financial literacy that covers not only wealth creation but also its protection, preservation and responsible transfer.
For the participating students, the exercise provided an opportunity to reflect on their present assets, future financial goals and the importance of making informed decisions about their estates.