January 19, 2024
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Estate Planning Companies

Description:

Estate planning is the process of arranging for the management of your assets in the event of death. All your personal possessions including your car, house and other landed property, bank accounts, investments, and household belongings, constitute what is known as your estate. However, without a valid estate plan in Nigeria, your loved ones and dependents will be at the mercy of state laws in order to gain access to your assets, should you suddenly become incapacitated. They may also have to endure arduous court battles with other relatives who want to lay claim to your assets.

An estate plan protects your wishes for the distribution and disposal of your wealth while minimising court fees, taxes and emotional stress for your loved ones. Here’s what to know about how to get started with estate planning in Nigeria.

How Estate Planning in Nigeria Works

Before you get started with estate planning, you need to first outline the goals, concerns and instructions which you want to be covered in your estate plan. Usually a financial professional can help you understand your financial situation by assessing your outstanding debt, the value of your assets as well as important tax concerns. With the help of legal counsel, your directives should then be established in form of a will, guardianship or trust. Here is a step-by-step process of how to get started with estate planning in Nigeria:

Take inventory of your assets and debt

Consider the needs of your dependents and intended beneficiaries 

Lay out your directives in a will

Consider establishing a trust

Appoint an executor

Aspects involved in Estate Planning in Nigeria

The major document used in laying out an estate plan is a will. Your will lays out instructions on how your financial and tangible assets should be allocated. As part of estate planning in Nigeria, a trust can be used to transfer wealth to a beneficiary through the administration of a trustee or trust company. Guardianship is also another aspect of estate planning in Nigeria, which requires you to appoint a guardian who will continue to care and provide for any child or dependent you have who is a minor.

Importance of Estate Planning

Estate planning can give you peace of mind over what will happen to your hard-earned wealth when you die while giving your assurance that the people you care about will be catered for. Here are a few reasons why estate planning in Nigeria is highly important:

Financially protects your loved ones and minors in the case of your sudden passing

Ensures your wishes for the handling of your assets are respected and followed

Removes the emotional and mental burden of distributing your assets from your family

Allows you to continue to contribute to the causes you care about even after death

Eliminates possible conflict among family members over the handling of your assets

Get Started With Estate Planning in Nigeria with FBNQuest

FBNQuest is committed to providing clients most experienced financial and legal professionals in estate management and administration in order to ensure a smooth transfer of their wealth to your loved ones. Our estate planning and advisory services include robust will-writing solutions, executorship services, and trust administration. 

 

Contact Us : 

 

Call us at : 01-2801340-4

Email Us at : ccu@fbnquestmb.com

Address : 

Lagos
16 Keffi Street, Off Awolowo Road, S.W. Ikoyi, Lagos, Nigeria

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