August 3, 2017

What you need to know about Executorship

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Peace of mind comes with knowing you have plans in place to address the inevitable, plans that will ensure your loved ones, beneficiaries and businesses are catered for in the future.

The plans we put in place today are what will determine whether or not our wishes and desires are executed when the time comes.

In Estate Planning, it is necessary to assign someone the charge of executing your Will and managing the distribution of your assets as you desire after you have passed on. This person or organisation is referred to as Executor.

It is the responsibility of an Executor to make sure that the desires and wishes of an individual are carried out with regards to how that individual’s wealth are distributed upon their passing. An Executor takes inventory of all the assets in an Estate and transfers them to the appropriate beneficiaries.

When an individual passes on, an Executor needs to obtain a Grant of Probate (the document that validates his/her appointment as the Executor of the designated Estate) from the Probate Registry of a court. A Grant of Probate gives an Executor the right to execute a Will in line with the dictates of the Testator (or writer of the Will).

Any adult can be appointed as an Executor and an Executor is usually appointed by the writer of a Will.

As Estate Planning professionals, we always recommend the appointment of an Institutional Executor. An Institution like FBN Trustees can help with execution of a Will or Administration of an Estate with expertise and objectivity, ensuring that the Testator’s wishes are rightly carried out.

Let us help you in securing your legacy. It does not matter where your assets are located (within or outside Nigeria), we will ensure all your wishes are executed to the letter and your legacy is preferred.

At FBN Trustees, we exist to help you manage and transfer your wealth to your loved ones.

A member of the reputed FBN Holdings Group, FBN Trustees consists of 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.

Start planning for the future of your wealth and loved ones today to leave a lasting legacy. Contact us to schedule a consultation.