What is a Legacy?
A legacy is a gift or bequest that is handed down, transmitted, or conveyed to a beneficiary by a deceased person. They can be tangible or intangible assets left behind by a person who has died. It includes real estate, monies in bank, intellectual property rights, insurance and annuity policies, shares, or pension among other assets.
How do you secure a Legacy?
To secure the legacy of a deceased loved one in Nigeria, all the assets left behind must go through probate before the beneficiaries can gain access to them. Probate does not only distribute the legacies/assets of a deceased; it also results in a legal transfer of title of such assets from the deceased to the beneficiaries. This is because most legacies/assets are usually in the name of the deceased. Therefore, until such legacies/assets are probated, the title is potentially clouded as it has not been legally transferred.
Why should you secure a Legacy?
The legacy of deceased persons can be referred to as the evidence/reward of their hard work during their lifetime, left behind for the care of their loved ones. It is therefore imperative that these assets which a deceased loved one labored to acquire during his/her lifetime are not left unattended to. Legacies/assets left unattended to are susceptible to:
- Illegal/fraudulent activities by imposters
- Wastage
- Damage/improper use
The Probate process of acquiring letters of administration or grant of probate preserves the legacies/assets which our deceased loved one laboured for during their lifetime.
Don’t leave such hard-earned legacies to chance. Contact us today at: Meristem Registrars and Probate Services Limited – 213, Herbert Macaulay Way, Adekunle, Yaba, Lagos State, Nigeria. Tel: +234 (1) 2809250-4, 08097796655; probateservices@meristemregistrars.com