Minimising Inheritance Issues – Part 1
Last week, we began discussing the subject of Inheritance. We stated that the best way to avoid intestacy is to have a properly executed Estate Plan that minimises crises as much as possible. This is because we believe that the way an individual manages his or her Estate and manages Inheritance is quite important, especially if securing the financial future of your family is anything worth working for.
One important fact to take home – planning for Inheritance is more than just having a valid Will in place. It involves developing a well thought out, structured and tailored plan that takes into consideration your assets, lifestyle, financial standing and risk profile. It is developing a plan that ensures your assets are structured effectively so that they can pass seamlessly to your desired beneficiaries. It is eliminating the ‘red tapes’ and minimising taxes payable by your Estate.
Disputes related to inheritance that arise between family members and loved ones are quite common and occur for a number of reasons. These reasons vary from: not having an Estate Plan at all, having a poorly drafted Plan/document, not having properly designated beneficiaries, being biased in your choice of an Executor, poor documentation of your assets etc. In the coming weeks, we will consider some of these issues on the Legacy Series, and offer insights into best-in-class approaches to handling Estate and Inheritance matters.
For now, bear in mind that to achieve a favourable outcome for your Estate Plan, it is important to engage experienced and qualified professionals working in your best interest and those of yours beneficiaries.
Our experienced Estate Planning team at FBN Trustees approaches all inheritance matters with utmost sensitivity and passion because we understand that it understand the key sensitivities around Estate Planning. Do reach out to us via email firstname.lastname@example.org and we will be happy to arrange a meeting with you.
For more insights on Estate Planning, Trusts, Wills, Executorship and Estate Administration, tune in to the Legacy Series on Classic 97.3 FM Lagos by 7pm on Mondays or Cool 96.9FM Abuja, by 8.30am on Tuesdays.
You may also send us questions via SMS to 0706 1331 146, twitter (@fbnquest), LinkedIn or Facebook (fbnquest).
Visit www.fbnquest.com/legacyseries for more
FBN Trustees Limited RC 29763
10, 16 – 18 Keffi Street, O‑ Awolowo Road, SW Ikoyi, Lagos, Nigeria.
Tel +234 (1) 2798300, + 234 (0) 708 065 3100
An FBN Holdings Company