Compliments of the season!
We believe 2014 has been a good year for you in terms of planning your Estate. For us (the team at FBN Trustees), we think it is a good time to take stock of your Estate and financial life, and do the necessary.
The reason we undertook this project in the first place was to try and build a strong Estate Planning culture amongst us as Nigerians. So far, we have been at the forefront in the provision of information on everything on Estate Planning; from the basic planning you need to do at each stage of your life to the latest high-end techniques used by the likes of well-respected internationals like Facebook’s Steve Job.
The fact is we live in a rule bound and litigious society such that even a 25 year-old need to have an Estate Plan in place (even a simple plan) like spelling out his view on extraordinary measures at the end of life. From our interactions, less than 2% within that age bracket do not have the basic idea of what Estate Planning is all about.
As we close the year therefore, it is important that you not only have Estate Planning documents, but that you also take out time to review them and ascertain that they competently and effectively dispose off your Estate according to your intentions. However, in doing that you will need to ensure that there are no loose ends; ensure all statements are tied up. Simple statements like:
I “direct that after payment of all my debts, my property should be bequeathed in the following manner, ” I direct that all of the following “possessions listed” go to my sister/niece/nephew and or uncle (listing a specific name)”, is a potential danger waiting to explode in future.
It is important therefore that you consider some of the key advises we shared with you during the course of the year. You may have in your life time succeeded in having a plan in place but you will be doing yourself and your family members no good as you will be creating more problems than you will be solving. At FBN Trustees, we value relationships and appreciate every single comment we have received from you.
We encourage these feed backs and wishes to assure you that we will continue to answer all your questions. If you chose to partner with us, you will understand the nature of the plan you have in place and why, how your plans are performing, and the cost implications of your place. Plus, you will have access to expertise, specialists, and insights to help you reach your specific goals.
It is an approach to proper Estate Planning and generational wealth transfer management that is all about transparency, accountability, and taking ownership of your financial life because the best outcomes in life come from being fully engaged. This is wishing you a merry Christmas and a happy new year 2015.