There is a common misconception that Estate Planning is only for the rich. This perception holds many people back from putting a plan in place to ensure that their wishes are executed in the way they want during or after their lifetime. The fact however, is that it is necessary to have a plan in place – especially one that could guarantee the financial needs of loved ones or beneficiaries are met; or that the survival of a business is planned for the future.
In developed countries, trusteeship is an important part of money management and financial planning. A lot of effort goes into the proper education of individuals and corporate organisations on the importance of setting up and managing trusts, wills and other estate planning vehicles. In India for example, trusteeship is used as a tool to address rural development, land use and the regulation of ecosystem processes. In Nigeria, however, this area of financial planning remains largely unexploited due to inadequate understanding of estate and financial planning as an integral part of life. The value of a properly executed estate plan, such as an improved standard of living, a more secure future for generations through the seamless transfer of assets, or ultimately the socio-economic growth of the country are not effectively communicated.
According to Adekunle Awojobi, MD/CEO, FBNQuest Trustees, “the opportunities for effective management of wealth to be enjoyed in Nigeria are enormous, but many people still do not realise the far-reaching benefits of having estate plans through wills or trusts. They also do not realise the possibilities that professional executorship and estate administration services offer. While it is important to secure one’s assets it is also necessary to ensure that the assets or property are in the right hands, and entrusting these to a reliable partner can ensure the smooth transfer to beneficiaries”.
“At FBNQuest Trustees, we have a strong track record for acting in a fiduciary capacity for individuals and families, and we hold a solid market position as a leading trust services provider. We offer expertise required for the establishment of well-crafted estate plans to ensure our clients’ assets are properly managed in accordance with their wishes – whether now or in the future. We have a team of experts who have in-depth industry knowledge, local awareness, and relevant experience, having helped develop wealth and generational transfer plans for families and businesses over several decades,” Awojobi stated.
FBNQuest Trustees believes that the more people become aware of the benefits of estate planning and understand how it should form part of their life and financial planning even at an early age, more individuals and families will pay attention and take active steps to preserve their legacy. If people understood how trusteeship works and what it can do for them, they would make better financial decisions.
In order to help with this, FBNQuest Trustees commenced The Legacy Series, an enlightenment campaign which draws on real life experiences and scenarios to educate people on how Trusts and Wills can be used to help preserve their financial future and create a lasting legacy for their loved ones or chosen beneficiaries. Now in its fifth season, the Legacy Series focuses on how trusts can enable one plan towards medium-term financial goals like children’s education or caring for aged parents, as well as longer-term financial goals like business succession planning and assets distribution.
Covering Trusts, Wills, Executorship and Estate Administration, the Legacy Series enables individuals understand their options to help them achieve wealth preservation, wealth transfer, and by that, true legacy creation.