If all the questions we get from listeners on our Legacy Series show is any factor, everyone wants to leave a footprint on the sands of time.
Today, we examine four of the top questions we’ve had on the show and our perspectives on them:
In this situation, we recommend the father put an Estate Planning arrangement in place as soon as possible. The fact that the business was left for one child to run does not exclude the siblings from benefiting from the business. As such, it is important for the asset owner (the father) to clearly express his intentions in a testamentary document on how the family business should be operated.
We recommend the mother also take appropriate steps and create an Estate Plan. A Will is the most suitable in this case.
It is important to note that Steve Onoh’s running of the family business does not bestow upon him the right of ownership/transfer to the next generation until this has been clearly outlined in an Estate Plan created by his parents.
As no two situations are alike, the cost of setting up an Education Trust is dependent on the kind of arrangement under consideration.
To adhere to charitable wishes, like in the case above, the beneficiaries need to set aside 2.5% of the income of the estate towards Zakat. This is the law of Islam.
All religions have allowances for the creation of an Estate Plan. To be able to make appropriate recommendations, the goals of each individual have to be determined.
FBN Trustees exists to help make the wealth transfer 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 and businesses 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.
Start building your legacy today. Contact FBN Trustees to schedule a consultation.