In our last publication, we discussed the concerns a lot of people in Nigeria and around the world face as they advance in age and attempt to ‘put their houses in order’. It was mentioned that one of the key concerns is to ensure that one’s will and desires are adhered to even in their absence.
A viable option which can be considered as a replacement for a Will is to set up a Living Trust.
What is a Living Trust?
A Living Trust unlike a Will, takes effect during the lifetime of the settlor and involves transferring the legal title of assets to the Trustee for prudent management in the best interest of the beneficiary (ies) of the assets. Key advantages of a Living Trust include;
- Elimination of delay due to complex probate procedures
- Confidentiality of assets and named beneficiaries
- Unlike a Will, a Living Trust is hardly contested
- Administration of the assets after the demise of the settlor (this is done based on the wishes of the settlor as evidenced in the Trust Deed)
the settlor can verify the extent to which his assets are being managed while alive,
thereby relieving the worries or uncertainty about how the beneficiaries will
be treated upon his demise.
To find out more information about planning your estate, please send us an email at firstname.lastname@example.org or call 01-4488260 or +234(0)811-890-3074, to speak to an Advisor who will guide you with proper consideration of you unique circumstance.
We look forward to hearing from you!