What You Need to Know about Private Trust Services in Nigeria

Private trust services are offered by financial and legal experts to help high net-worth individuals and families preserve their wealth, manage assets and handle estate and legacy planning. Some of the most common purposes that a family may require private trust services in Nigeria include setting up an education fund for a child, managing a charitable trust for philanthropic endeavours and for planning your estate in the event of your passing. If you require private trust services in Nigeria, FBNQuest is a leading provider of bespoke private trust and estate planning advisory services.

In this article, we’ll highlight the most important information on private trust services in Nigeria and why you should choose FBNQuest Trusteeship services.

Types of Private Trust Services in Nigeria

Private trust arrangements vary depending on the purpose for which it has been set up. Some trusts are revocable, while others are not. Also, some trusts can be executed while the grantor is still alive, while others are set up at the demise of the grantor. Here are four common types of available private trust services in Nigeria.

  • Education Trust

An Education Trust is a private trust service that enables parents and guardians to protect, manage and administer funds that can ensure financial security toward providing the desired standard of education for their beneficiary 

  • Family Trust

Family Trusts services offer administrative and legal resources, and expertise in financial planning, investment management and succession planning to help families protect, administer and transfer wealth.

  • Living Trust

Living trust services assist you in setting up a trust to transfer assets to loved ones while alive ensuring the smooth distribution of your assets to your chosen beneficiaries after your lifetime.

  • Charitable Trust

Charitable trust services are meant for individuals and families who wish to achieve their charitable intentions by setting up a trust toward their desired causes, appointing a trustee to responsibly administer these funds, and ensuring their legacies continue into future generations.

Private Trust Services in Nigeria

The best trusteeship services should be rich and all-encompassing. This is why as one of the foremost providers of private trust services in Nigeria, FBNQuest offers a range of estate planning and trusteeship services to help families manage, structure, and preserve wealth, assets and businesses towards any desired purpose. Here are five estate planning and wealth preservation tasks that private trust services should cover:

  • Estate Administration

Private trusteeship services in Nigeria include Estate administration. This involves creating and executing a comprehensive and integrated estate plan that honourably represents your intentions for your estate based on your financial and personal circumstances. 

  • Wills

Private trust services in Nigeria assist with the process of writing Wills, to ensure that your wishes are documented for the handling and distribution of your property and assets in the event of your demise or incapacitation.

  • Executorship

Private trust services in Nigeria can appoint a trusted professional who can offer executorship services to families and carry out the instructions expressed in a will in a manner that minimises delays, difficulties and legal complications in the transfer of wealth.

  • Investment Management

Trustees ensure wealth preservation and restructuring through careful management of assets, investments and businesses according to the wishes of the grantor.

  • Accounting 

Trust companies in Nigeria provide formal accounting services, keeping track of client funds held in trust and reporting income and taxes to the government as well as the family.

Benefits of Private Trust Services

A private trust offers families unique control over their wealth while ensuring smooth succession and distribution of assets. Here are four benefits to setting up a private trust for your family:

  1. Professional administration of assets and investments
  2. Tax minimization
  3. Succession planning
  4. Financial privacy

Get the Best Private Trust Services in Nigeria with FBNQuest

At FBNQuest, we are experts in advising, structuring and managing various private trust arrangements. Our seasoned professionals can help you navigate various complexities in protecting your wealth, structuring your assets and ensuring the smooth transfer of wealth to family members and other beneficiaries.

To speak with an expert from our team, visit fbnquest.com/trustees/contact/#form, and we’ll give you a call!  


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