A Recipe for Peace of Mind – Wills and the Basis of Inheritance
We want to be happy.
We spend our lives in search of happiness; learning, growing and achieving.
The time will eventually come when we hand over to the next generation; to give our loved ones the gift of realizing possibilities that we have earned from life through grit and hard-work.
If you have an arrangement in place, like a Will, the inheritance process is often a lot smoother.
But what is a Will?
A Will is a legal plan to make sure your properties are distributed for the benefit of your children and people that mean the most to you.
With a Will, your named Executor transfers your properties only to those you wish. Everything is smooth and in your control.
What happens if one were to die intestate?
In the case that someone passes on without a Will – dying intestate – the inheritance process can be more challenging. The way in which properties are distributed in this case will depend on the probate law of the state. In Nigeria, relatives – surviving spouses, parents, children and close relations – are allowed to obtain a letter of administration in order to have access to their inheritance.
As part of this probate process, taxes will be taken out of your estate before any assets are transferred to your relatives. In Nigeria, this Inheritance Tax or Estate Duty is 10% of the value of the estate under consideration.
While the probate process can relatively proceed in a civil and peaceful manner, your control is quite limited in regards to who inherits your assets. Creating a Will is therefore, the best way to address this vulnerability. The expertise of an Estate Planning professional will save you cost and time while ensuring that your properties are distributed exactly the way you want.
Organisations like FBN Trustees exist to help make the inheritance process easier.
A member of the reputed FBN Holdings Group, we are a team of experts who have in-depth industry knowledge, local awareness and relevant experience, having helped develop wealth transfer plans for families over several decades.
You can count on us to provide you with bespoke solutions to address your wealth transfer objectives, especially as we realise that no two individuals have exactly the same needs.
Begin today and afford your loved ones the opportunity to reach for success. Contact FBN Trustees to schedule a consultation.
