My late mother’s passing was a rude shock to my two siblings and I. We scarcely knew our father nor had we seen him in years. Mom raised us alone in Markurdi and we had only just moved to her newly completed house, when we lost her to a domestic accident.
What was intriguing, however, is how we started to find out about assets she owned from her friends and co-operative society members. Now a close friend is trying to latch on to some of these assets. – Ata
This story is a perfect example of why creating an Estate Plan is important. As the primary bread winner, Ata’s mother, could have used an Estate Planning arrangement (such as a Will) to document her assets and state her future desires for her wealth.
In order to avoid leaving her children stranded, Ata’s mother could have also stated in her Will who she wanted to be her children’s guardian.
As Estate Planning professionals, we recommend a Living Trust to individuals like Ata’s mother. A Living Trust will allow a reputable organisation, such as FBN Trustees, to manage assets for individuals in their lifetime; and when you are not present, we will execute your Estate Plan according to your stated desires so you loved ones are looked after.
One common misconception that hinders people from creating an Estate Plan is that it is only applicable to the wealthy. Estate Planning is for everyone. A Living Trust is particularly useful when you have young children. With a Living Trust, you can make provision for critical needs like payment of tuition fees, house rent, allowances, or other financial commitments. This will ensure that the livelihood of your loved ones are taken care of even when you are not around, thus, preserving your legacy.
The process of Estate Planning does not end when you first create your plan; it is important to regularly update it as your family grows and you acquire more wealth.
Our mission at FBN Trustees is to help make wealth transfer processes 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.